Town of Greenwich, Connecticut

This Preliminary Official Statement and the information contained herein are subject to completion or amendment. Under no circumstances shall this Preliminary Official Statement constitute an offer to sell or the solicitation of an offer to buy, nor will there be any sale of the securities described in this Preliminary Official Statement in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Field PointRoad,Greenwich,Connecticut06830,asdescribedintheofficialNoticeofSale.(See“AppendixG”herein). PARITY® for the Series A Bonds will be received until 11:00 A.M (E.T.) on January 5, 2021, at the Office of the Comptroller, Town Hall, 2 “Security andRemedies”herein. Connecticut (the “Town”), and the Town will pledge its full faith and credit to pay the principal and intereston the Series A Bonds when due. See the entireOfficial Statementtoobtaininformation essentialtothemakingofan informedinvestmentdecision. January 14, 2021. Counsel, ofHartford,Connecticut. ItisexpectedthatdeliveryoftheBondsandNotesinbook-entry formwillbemadetoDTConorabout (See “Book-Entry-OnlyTransferSystem” herein.) Noteowner or owners shall mean Cede & Co. Bondowner, as the aforesaid, to and herein shall reference not DTC, mean of the nominee beneficialas Bondowner, ownersthe (asis describedCo. herein)& ofCede theas Bondslong andSo the Notes.Notes. the and Bonds the in interest ownership Bonds. the for depository securities as act will Purchases of the DTC Bonds will be made in book-entry-only form. Purchasers of the Bonds and the Notes will not receive certificatesYork. representing their New York, New (“DTC”), Company Trust Depository The for nominee as Co., & Cede 2 Hall, Town Comptroller, the of Office the at 2021, 5, January on (E.T.) Noon 12:00 until received be will Notes the full faithandcredittopaytheprincipalofinterestontheNoteswhendue.See“SecurityRemedies”herein. Town Hall, Comptroller, the of Office the at 2021, 5, January on (E.T.) A.M 11:30 until received be will 2 Bonds B Series the for PARITY® or earlierredemption. Bonds whendue.See“SecurityandRemedies”herein. “Bonds”) will be general obligations of the Town, and the Town will pledge its full faith and credit to pay the principal and interest on the Series B Dated: DateofDelivery NEW ISSUE/REFUNDING * Preliminary, subjecttochange. Dated: January14,2021 Dated: DateofDelivery federal alternativeminimumtax.See“TaxMatters”herein. excluded fromamountsonwhichthenetConnecticutminimumtaxisbasedincaseofindividuals,trustsandestatesrequiredtopay Notes isexcludedfromConnecticuttaxableincomeforpurposesofthetaxonindividuals,trustsandestates, computing thefederalalternativeminimumtax.InopinionofBondCounsel,basedonexistingstatutes,interestBondsand and theNotesisexcludedfromgrossincomeforfederaltaxpurposesnottreatedasanitemofpreference covenants andproceduresrelatingtorequirementsoftheInternalRevenueCode1986,asamended(the“Code”),interestonBonds Greenwich, Connecticut06830,asdescribedintheofficialNoticeofSale.(See“AppendixI”herein). nd Floor, 101FieldPointRoad,Greenwich,Connecticut06830,asdescribedintheofficialNoticeofSale.(See“AppendixH”herein). The Series A Bonds are being offered for sale in accordance with an official Notice of Sale dated December 23, 2020. Electronic bids via bids Electronic 2020. 23, December dated Sale of Notice official an with accordance in sale for offered being are Bonds A Series The The SeriesABondsarenotsubjecttoredemptionpriormaturityasdescribedherein.See“OptionalRedemption”. Interest on the Series A Bonds will be payable on July 15, 2021 and semiannually thereafter on January 15 and July 15 in each year until maturity. The $30,000,000GeneralObligationBonds,Issueof2021,SeriesA(the“SeriesBonds”)willbegeneralobligationstheTownGreenwich, This coverpage containscertaininformation for quickreferenceonly.ItisNOT asummaryofthisissues. Investorsmustread The Bonds and the Notes are offered for delivery when, as and if issued, subject to the final approving opinion of Robinson & Cole LLP, Bond The Registrar,CertifyingBank,Transfer, PayingandEscrowAgentwillbeU.S.BankNationalAssociation, Hartford,Connecticut. of name the in registered be will issued, when and coupons, without bonds, registered fully as only issuable be will Notes the and Bonds The via bids Electronic 2020. 23, December dated Sale of Notice official an with accordance in sale for offered being are Notes The The Notesarenotsubjecttoredemptionpriormaturity. Interest ontheNoteswillbepayableatmaturityJanuary13,2022asdescribedherein. The $55,000,000 General Obligation Bond Anticipation Notes, Issue of 2021 will be general obligations of the Town and the Town will pledge its via bids Electronic 2020. 23, December dated Sale of Notice official an with accordance in sale for offered being are Bonds B Series The The SeriesBBondsaresubjecttoredemptionpriormaturityasdescribedherein.See“OptionalRedemption”. Interest on the Series B Bonds will be payable on June 1, 2021 and semiannually thereafter on December 1 and June 1 in each year until maturity The $10,235,000*GeneralObligationRefundingBonds,Issueof2021,SeriesB(the“SeriesBonds,”andtogetherwiththeSeriesA In theopinionofBondCounsel,basedonexistingstatutesandcourtdecisionsassumingcontinuingcompliancewithcertain $10,235,000* GENERALOBLIGATIONREFUNDINGBONDS,ISSUEOF2021,SERIESB $55,000,000 GENERALOBLIGATIONBONDANTICIPATIONNOTES,ISSUEOF2021 $30,000,000 GENERALOBLIGATIONBONDS,ISSUEOF2021,SERIESA

PRELIMINARY OFFICIAL STATEMENT DATED DECEMBER 23, 2020 -Book-Entry-Only TOWN OF GREENWICH, CONNECTICUT

RATINGS: nd Due: January15,2022-2026 Floor, 101 Field Point Road, Due: June1,2021-2035 Due: January13,2022 (See “Ratings”herein) PARITY® for nd Floor,101

TOWN OF GREENWICH, CONNECTICUT

$30,000,000 GENERAL OBLIGATION BONDS, ISSUE OF 2021, SERIES A

Dated: Date of Delivery MATURITY SCHEDULE Due: January 15, 2022-2026 Maturity Amount Coupon Yield CUSIP1 Maturity Amount Coupon Yield CUSIP 2022 $6,000,000 %% 396784*** 2025 $6,000,000 %% 396784*** 2023 6,000,000 396784*** 2026 6,000,000 396784*** 2024 6,000,000 396784***

$10,235,000* GENERAL OBLIGATION REFUNDING BONDS, ISSUE OF 2021, SERIES B

Dated: Date of Delivery MATURITY SCHEDULE* Due: June 1, 2021-2035 Maturity Amount* Coupon Yield CUSIP1 Maturity Amount* Coupon Yield CUSIP1 2021 $1,570,000 %% 396784*** 2029 $530,000 %% 396784*** 2022 1,940,000 396784*** 2030 545,000 396784*** 2023 2,010,000 396784*** 2031 310,000 396784*** 2024 255,000 396784*** 2032 560,000 396784*** 2025 260,000 396784*** 2033 320,000 396784*** 2026 260,000 396784*** 2034 320,000 396784*** 2027 510,000 396784*** 2035 325,000 396784*** 2028 520,000 396784***

$55,000,000 GENERAL OBLIGATION BOND ANTICIPATION NOTES, ISSUE OF 2021

Dated: January 14, 2021 Due: January 13, 2022 Amount Coupon Yield CUSIP1 $55,000,000 % % 396784***

______1 Copyright, American Bankers Association. CUSIP® is a registered trademark of the American Bankers Association. CUSIP numbers have been assigned by an independent company not affiliated with the Town and are included solely for the convenience of the holders of the Bonds. The Town is not responsible for the selection or use of these CUSIP numbers, does not undertake any responsibility for their accuracy, and makes no representation as to their correctness on the Bonds or as indicated above. The CUSIP number for a specific maturity is subject to being changed after the issuance of the Bonds as a result of various subsequent actions including, but not limited to, a refunding in whole or in part of such maturity or as a result of the procurement of secondary market portfolio insurance or other similar enhancement by investors that is applicable to all or a portion of certain maturities of the Bonds.

* Preliminary, subject to change.

No dealer, broker, salesman or other person has been authorized by the Town of Greenwich, Connecticut (the "Town"), to give any information or to make any representations not contained in this Official Statement, and if given or made, such other information or representations must not be relied upon as having been authorized. This Official Statement does not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of the Bonds or the Notes by any person in any jurisdiction in which it is unlawful for such person to make such offer, solicitation or sale.

This Official Statement has been prepared only in connection with the initial offering and sale of the Bonds and the Notes and may not be reproduced or used in whole or in part for any other purpose.

The information, estimates and expressions of opinion in this Official Statement are subject to change without notice. Neither the delivery of this Official Statement nor any sale of the Bonds and the Notes shall, under any circumstances, create any implication that there has been no material change in the affairs of the Town since the date of this Official Statement.

The Town deems this Official Statement to be "final" as of its date for purposes of Securities and Exchange Commission Rule 15c2-12(b)(1).

Other than as to matters expressly set forth in Appendix A – "Audited Financial Statements" herein, the independent auditors for the Town are not passing on and do not assume any responsibility for the accuracy or adequacy of the statements made in this Official Statement and make no representation that they have independently verified the same. The independent auditor has not been engaged to perform and has not performed, since the date of its report included herein, any procedures on the financial statements addressed in that report. The independent auditor also has not performed any procedures relating to this Official Statement.

Other than matters expressly set forth as their opinions in Appendices B, C and D, respectively herein, Bond Counsel is not passing on and does not assume any responsibility for the accuracy or adequacy of the statements made in this Official Statement and makes no representation that they have independently verified the same.

The Town will enter into Continuing Disclosure Agreements with respect to the Bonds and the Notes (the "Continuing Disclosure Agreements"), to provide or cause to be provided, in accordance with the requirements of SEC Rule 15c2- 12(b)(5), (i) annual financial information and operating data with respect to the Bonds, (ii) notice of the occurrence of certain events within ten (10) business days of the occurrence of such events with respect to the Bonds and the Notes, and (iii) timely notice of a failure by the Town to provide the required annual financial information on or before the date specified in the Continuing Disclosure Agreement with respect to the Bonds. The Continuing Disclosure Agreements are to be executed by the Town substantially in the forms attached as Appendices E and F, respectively to this Official Statement.

The Town has previously undertaken in continuing disclosure agreements entered into for the benefit of holders of certain of its general obligation bonds and notes to provide certain annual financial information and event notices pursuant to Rule 15c2-12(b)(5).

The Municipal Advisor to the Town has provided the following sentence for inclusion in this Official Statement. The Municipal Advisor has reviewed the information in this Official Statement in accordance with, and as part of, its responsibilities to the Town and, as applicable, to investors under the federal securities laws as applied to the facts and circumstances of this transaction, but the Municipal Advisor does not guarantee the accuracy or completeness of such information.

BOND COUNSEL MUNICIPAL ADVISOR ROBINSON & COLE LLP HILLTOP SECURITIES INC. Hartford, Connecticut Madison, Connecticut (860) 275-8200 (860) 290-3002

TABLE OF CONTENTS

Page Page V. Financial Information Series A Bond Issue Summary ...... i Fiscal Year ...... 29 Series B Bond Issue Summary ...... ii Accounting Policies ...... 29 Note Issue Summary ...... iii Basis of Accounting ...... 29 I. Securities Offered Annual Audit ...... 29 Introduction ...... 1 Budgetary Procedures ...... 29 Description of the Bonds ...... 1 Employee Pension Systems ...... 30 Optional Redemption ...... 1 Other Post-Employment Benefits ...... 31 Notice of Redemption ...... 2 Investment Policies and Procedures ...... 33 Description of Notes ...... 2 Property Tax Revenues ...... 34 Rating ...... 2 Intergovernmental Revenues ...... 34 Authorization and Purpose ...... 3 Municipal Budget Expenditure Cap ...... 34 Plan of Refunding ...... 3 Comparative General Fund Operating Statement .. 35 Verification of Mathematical Accuracy ...... 4 Comparative General Fund Balance Sheet ...... 36 Sources and Uses of Bond and Note Proceeds .. 4 Analysis of General Fund Equity ...... 36 Tax Matters ...... 5 Comparative General Fund Revenues and Security and Remedies ...... 6 Expenditures ...... 37 Considerations for Bond and Note Holders ...... 6 VI. Debt Summary Book-Entry-Only Transfer System ...... 9 Principal Amount of Indebtedness ...... 38 Replacement Bonds and Notes ...... 10 Combined Schedule of Long-term Debt ...... 39 DTC Practices ...... 10 Overlapping and Underlying Indebtedness ...... 39 Qualification for Financial Institutions ...... 11 Debt Statement ...... 40 Availability of Continuing Disclosure ...... 11 Current Debt Ratios ...... 40 II. The Issuer Legal Requirements for Approval of Borrowing... 41 Description of the Town ...... 12 Temporary Financing ...... 41 Form of Government ...... 13 School Building Grant Reimbursements ...... 41 Organizational Chart ...... 14 Clean Water Fund Program ...... 42 Municipal Officials ...... 15 Limitation of Indebtedness ...... 42 Summary of Municipal Services ...... 15 Statement of Statutory Debt Limitation ...... 43 Educational System ...... 16 Existing and Future Capital Project Financing ...... 44 Educational Facilities ...... 17 Authorized But Unissued Debt ...... 44 School Enrollment ...... 17 Historical Debt Statement ...... 45 Municipal Employment ...... 18 Historical Debt Ratios ...... 45 Municipal Employees by Category ...... 18 Ration of Annual Debt Service Expenditures Municipal Employees Bargaining Units ...... 19 To Total General Fund Expenditures and III. Economic and Demographic Information Transfers out ...... 45 Population Trends ...... 21 VII. Legal and Other Litigation Age Distribution of the Population ...... 21 Litigation ...... 46 Income Distribution ...... 21 Municipal Advisor ...... 46 Income Levels ...... 22 Transcript and Closing Documents ...... 46 Per Capita Personal Income ...... 22 Concluding Statement ...... 47 Educational Attainment ...... 22 Major Employers ...... 23 Appendix A – Audited Financial Statements Employment by Industry ...... 23 Appendix B – Form of Opinion of Bond Counsel – The Series A Bonds Unemployment Rate Statistics ...... 24 Appendix C – Form of Opinion of Bond Counsel – The Series B Bonds Number of Dwelling Units ...... 24 Appendix D – Form of Opinion of Bond Counsel – The Notes Characteristics of Housing Units ...... 25 Appendix E – Form of Continuing Disclosure Agreement – The Bonds Age Distribution of Housing ...... 25 Appendix F – Form of Continuing Disclosure Agreement – The Notes Building Permits ...... 25 Appendix G – Notice of Sale – The Series A Bonds IV. Tax Base Data Appendix H – Notice of Sale – The Series B Bonds Assessment Practices ...... 26 Appendix I – Notice of Sale – The Notes Property Tax Collection Procedure...... 26

Motor Vehicle Property Tax Rate ...... 26

Property Tax Levies and Collections ...... 27

Taxable Grand List ...... 27

Ten Largest Taxpayers ...... 28

Equalized Net Grand List ...... 28

SERIES A BOND ISSUE SUMMARY The information in this Bond Issue Summary and the front cover page is qualified in its entirety by the detailed information and financial statements appearing elsewhere in this Official Statement. This Official Statement speaks only as of its date and the information herein is subject to change.

Date of Sale: Tuesday, January 5, 2021, 11:00 A.M. (ET).

Location of Sale: Town of Greenwich, Office of the Comptroller, 2nd Floor, 101 Field Point Road, Greenwich, Connecticut 06830.

Issuer: Town of Greenwich, Connecticut (the "Town").

Issue: $30,000,000 General Obligation Bonds, Issue of 2021, Series A (the "Series A Bonds").

Dated Date: Date of Delivery, January 14, 2021.

Interest Due: July 15, 2021 and semiannually thereafter on January 15 and July 15 in each year until maturity.

Principal Due: Serially, January 15, 2022 through 2026, as detailed on the inside cover of the Official Statement.

Purpose and Authority: The Series A Bonds are being issued to permanently finance a portion of the $50,000,000 General Obligation Bond Anticipation Notes of the Town maturing on January 14, 2021 and to finance various capital improvement projects of the Town authorized by the Representative Town Meeting.

Redemption: The Series A Bonds are NOT subject to redemption prior to maturity.

Security: The Series A Bonds will be general obligations of the Town of Greenwich, Connecticut and the Town will pledge its full faith and credit to the payment of principal of and interest on the Series A Bonds when due.

Credit Rating: The Series A Bonds have been rated "Aaa" by Moody's Investors Service, Inc. ("Moody's") and "AAA" by S&P Global Ratings ("S&P"). The rating on the Town's outstanding bonds has been affirmed as "Aaa" by Moody's and certain outstanding bond issues are rated "AAA" by S&P. Certain outstanding bonds are also rated "AAA" by Fitch Ratings ("Fitch"), however the Town did not seek a rating from Fitch on this issue.

Basis of Award: Lowest True Interest Cost (TIC), as of dated date.

Tax Exemption: See "Tax Matters" herein.

Bank Qualification: The Series A Bonds shall not be designated as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended, for purposes of the deduction by financial institutions for interest expense incurred to carry the Series A Bonds.

Continuing Disclosure: In accordance with the requirements of Rule 15c2-12(b)(5) promulgated by the Securities and Exchange Commission, the Town will agree to provide, or cause to be provided, (i) annual financial information and operating data, (ii) notices of certain events within ten (10) business days of occurrence of such events and (iii) timely notice of a failure to provide the required financial information by the date specified pursuant to a Continuing Disclosure Agreement to be executed by the Town in substantially the form attached as Appendix E to this Official Statement.

Registrar, Transfer Agent, Certifying Agent and Paying U.S. Bank National Association, Corporate Trust Services, 185 Asylum Street, 27th Floor, Agent: Hartford, Connecticut.

Legal Opinion: Robinson & Cole LLP, of Hartford, Connecticut will act as Bond Counsel.

Delivery and Payment: It is expected that delivery of the Series A Bonds in book-entry-only form will be made to The Depository Trust Company on or about January 14, 2021 against payment in Federal Funds.

Issuer Official: Questions regarding the Town and this Official Statement should be directed to Peter Mynarski, Jr., Comptroller, 101 Field Point Road, Greenwich, Connecticut 06830, Telephone: (203) 622-2226.

Municipal Advisor: Hilltop Securities Inc., 129 Samson Rock Drive, Suite A, Madison, Connecticut 06443, attention: Mr. William N. Lindsay, Managing Director, Telephone: (860)-290-3002. i

SERIES B BOND ISSUE SUMMARY The information in this Bond Issue Summary and the front cover page is qualified in its entirety by the detailed information and financial statements appearing elsewhere in this Official Statement. This Official Statement speaks only as of its date and the information herein is subject to change. Date of Sale: Tuesday, January 5, 2021, 11:30 A.M. (ET).

Location of Sale: Town of Greenwich, Office of the Comptroller, 2nd Floor, 101 Field Point Road, Greenwich, Connecticut 06830.

Issuer: Town of Greenwich, Connecticut (the "Town").

Issue: $10,235,000* General Obligation Refunding Bonds, Issue of 2021, Series B (the "Series B Bonds").

Dated Date: Date of Delivery, January 14, 2021.

Interest Due: June 1, 2021 and semiannually thereafter on December 1 and June 1 in each year until maturity or earlier redemption.

Principal Due: Serially, June 1, 2021 through 2035, as detailed on the inside cover of the Official Statement.

Purpose and Authority: The Series B Bonds are being issued to refund at or prior to maturity all or a portion of the Series B Refunded Bonds. See "Plan of Refunding" herein..

Redemption: The Series B Bonds ARE subject to redemption prior to maturity.

Security: The Series B Bonds will be general obligations of the Town of Greenwich, Connecticut and the Town will pledge its full faith and credit to the payment of principal of and interest on the Series B Bonds when due.

Credit Rating: The Series B Bonds have been rated "Aaa" by Moody's Investors Service, Inc. ("Moody's") and "AAA" by S&P Global Ratings ("S&P"). The rating on the Town's outstanding bonds has been affirmed as "Aaa" by Moody's and certain outstanding bond issues are rated "AAA" by S&P. Certain outstanding bonds are also rated "AAA" by Fitch Ratings ("Fitch"), however the Town did not seek a rating from Fitch on this issue.

Basis of Award: Lowest True Interest Cost (TIC), as of dated date.

Tax Exemption: See "Tax Matters" herein.

Bank Qualification: The Series B Bonds shall not be designated as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended, for purposes of the deduction by financial institutions for interest expense incurred to carry the Series B Bonds.

Registrar, Transfer Agent, Certifying Agent, Paying U.S. Bank National Association, Corporate Trust Services, 185 Asylum Street, 27th Floor, Hartford, Agent and Escrow Agent: Connecticut.

Legal Opinion: Robinson & Cole LLP, of Hartford, Connecticut will act as Bond Counsel.

Delivery and Payment: It is expected that delivery of the Series B Bonds in book-entry-only form will be made to The Depository Trust Company on or about January 14, 2021 against payment in Federal Funds.

Municipal Advisor: Hilltop Securities Inc., 129 Samson Rock Drive, Suite A, Madison, Connecticut 06443, attention: Mr. William N. Lindsay, Managing Director, Telephone: (860)-290-3002.

* Preliminary, subject to change. ii

NOTE ISSUE SUMMARY The information in this Note Issue Summary and the front cover page is qualified in its entirety by the detailed information and financial statements appearing elsewhere in this Official Statement. This Official Statement speaks only as of its date and the information herein is subject to change.

Date of Sale: Tuesday, January 5, 2021, 12:00 Noon (ET).

Location of Sale: Town of Greenwich, Office of the Comptroller, 2nd Floor, 101 Field Point Road, Greenwich, Connecticut 06830.

Issuer: Town of Greenwich, Connecticut (the "Town").

Issue: $55,000,000 General Obligation Bond Anticipation Notes, Issue of 2021 (the "Notes").

Dated Date: Date of Delivery, January 164, 2021.

Interest Due: At maturity, January 13, 2022.

Principal Due: At maturity, January 13, 2022.

Purpose and Authority: A portion of the Notes are being issued to refund a portion of the $50,000,000 General Obligation Bond Anticipation Notes of the Town maturing on January 14, 2021 and the balance is a new money borrowing to finance various capital improvement projects of the Town authorized by the Representative Town Meeting.

Redemption: The Notes are NOT subject to redemption prior to maturity.

Security: The Notes will be general obligations of the Town of Greenwich, Connecticut and the Town will pledge its full faith and credit to the payment of principal of and interest on the Notes when due.

Credit Rating: The Notes have been rated "MIG 1" by Moody's Investors Service Inc. ("Moody's") and "SP-1+" by S&P Global Ratings ("S&P"). The long-term rating on the Town's outstanding bonds has been affirmed as "Aaa" by Moody's and certain outstanding bond issues are rated "AAA" by S&P. Certain outstanding bonds are also rated "AAA" by Fitch Ratings ("Fitch") however the Town did not seek a rating from Fitch on this issue.

Basis of Award: Lowest Net Interest Cost (NIC), as of dated date.

Tax Exemption: See "Tax Matters" herein.

Bank Qualification: The Notes shall not be designated as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended, for purposes of the deduction by financial institutions for interest expense incurred to carry the Notes.

Continuing Disclosure: In accordance with the requirements of Rule 15c2-12(b)(5) promulgated by the Securities and Exchange Commission, the Town will agree to provide or cause to be provided, notices of certain events within ten (10) business days of the occurrence of such events pursuant to a Continuing Disclosure Agreement to be executed by the Town substantially in the form attached as Appendix F to this Official Statement.

Registrar, Transfer Agent, Certifying Agent and Paying U.S. Bank National Association, Corporate Trust Services, 185 Asylum Street, 27th Floor, Agent: Hartford, Connecticut.

Legal Opinion: Robinson & Cole LLP, of Hartford, Connecticut will act as Bond Counsel.

Delivery and Payment: It is expected that delivery of the Notes in book-entry-only form will be made to The Depository Trust Company on or about January 14, 2021 against payment in Federal Funds.

Municipal Advisor: Hilltop Securities Inc., 129 Samson Rock Drive, Suite A, Madison, Connecticut 06443, attention: Mr. William N. Lindsay, Managing Director, Telephone: (860)-290-3002.

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I. SECURITIES OFFERED

INTRODUCTION

This Official Statement, including the cover page, inside cover and appendices, has been prepared by the Town of Greenwich, Connecticut (the "Town") with assistance from the municipal advisor in connection with the issuance and sale of $30,000,000 General Obligation Bonds, Issue of 2021,Series A (the "Series A Bonds"), $10,235,000* General Obligation Refunding Bonds, Issue of 2021, Series B (the "Series B" and together with the Series A Bonds, the "Bonds") and $55,000,000 General Obligation Bond Anticipation Notes, Issue of 2021 (the "Notes") of the Town.

All quotations from and summaries and explanations of provisions of statutes, charters, or other laws and acts and proceedings of the Town contained herein do not purport to be complete and are qualified in their entirety by reference to the original official documents, and all references to the Bonds and the Notes and the proceedings of the Town relating thereto are qualified in their entirety by reference to the definitive form of the Bonds and the Notes and such proceedings.

The presentation of information in this Official Statement is intended to show recent historical trends and is not intended to indicate future or continuing trends in the financial or other positions of the Town. Except for information expressly attributed to other sources, all financial and other information presented herein has been provided by the Town.

Bond Counsel are not passing upon and does not assume responsibility for the accuracy or adequacy of the statements made in this Official Statement (other than matters expressly set forth in their opinion) and they make no representation that they have independently verified the same.

Hilltop Securities Inc. ("HilltopSecurities") is engaged as Municipal Advisor to the Town in connection with the issuance of the Bonds and Notes. The Municipal Advisor’s fee for services rendered with respect to the sale of the Bonds and Notes is contingent upon the issuance and delivery of the Bonds and Notes. HilltopSecurities cannot submit a bid for the Bonds or Notes, either independently or as a member of a syndicate organized to submit a bid for the Bonds or Notes. HilltopSecurities, in its capacity as Municipal Advisor, does not assume any responsibility for the information, covenants and representations contained in any of the legal documents with respect to the federal and state income tax status of the Bonds or Notes, or the possible impact of any present, pending or future actions taken by any legislative or judicial bodies.

DESCRIPTION OF THE BONDS

The Series A Bonds will be dated as of the date delivery, January 14, 2021, and will mature in annual installments on January 15 in each of the years and in the principal amounts set forth on the inside cover page hereof. Interest will be payable on July 15, 2021 and semiannually thereafter on January 15 and July 15 in each year until maturity. Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months and will be payable to the registered owners of the Series A Bonds as of the close of the last business day of December and June in each year.

The Series B Bonds will be dated as of the date delivery, January 14, 2021, and will mature in annual installments on June 1 in each of the years and in the principal amounts set forth on the inside cover page hereof. Interest will be payable on June 1, 2021 and semiannually thereafter on December 1 and June 1 in each year until maturity or earlier redemption. Interest will be calculated on the basis of a 360-day year consisting of twelve 30-day months and will be payable to the registered owners of the Bonds as of the close of the fifteenth day of November and May in each year, or preceding business day is the fifteenth is not a business day.

A book-entry system will be employed evidencing ownership of the Bonds in principal amounts of $5,000 or integral multiples thereof with transfers of ownership effected on the records of The Depository Trust Company, New York, New York ("DTC"), and its participants pursuant to rules and procedures established by DTC and its participants. (See "Book-Entry Transfer System" herein). The Registrar, Certifying Bank, Transfer and Paying Agent on the Series A Bond and the Registrar, Certifying Bank, Transfer, Paying and Escrow Agent will be U.S. Bank National Association, Hartford, Connecticut. The legal opinion on the Bonds will be rendered by Robinson & Cole LLP, of Hartford, Connecticut. The Bonds shall NOT be designated by the Town as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended.

OPTIONAL REDEMPTION

The Series A Bonds are NOT subject to optional redemption prior to maturity.

* Preliminary, subject to change 1

The Series B Bonds maturing on or before June 1, 2029 are not subject to redemption prior to maturity. The Series B Bonds maturing on or after June 1, 2030 are subject to redemption prior to maturity, at the option of the Town, on or after June 1, 2029, at any time, in whole or in part, and by lot within a maturity, in such amounts and in such order of maturity as the Town may determine at the redemption prices (expressed as a percentage of principal amount of the Series B Bonds to be redeemed) set forth in the following table, together with interest accrued and unpaid to the redemption date:

Redemption Date Redemption Price June 1, 2029 and thereafter 100%

NOTICE OF REDEMPTION

Notice of redemption shall be given by the Town or its agent by mailing a copy of the redemption notice by first-class mail at least thirty (30) days prior to the date fixed for redemption to the registered owner of the Series B Bonds designated for redemption in whole or in part at the address of such registered owner as the same shall last appear on the registration books for the Series B Bonds. Failure to give such notice by mailing to any registered owner, or any defect therein, shall not affect the validity of the redemption of any of the Series B Bonds. Upon the giving of such notice, if such funds available solely for redemption are on deposit with the Paying Agent, the Series B Bonds or portions thereof so called for redemption will cease to bear interest after the specified redemption date.

If less than all the Series B Bonds of any one maturity shall be called for redemption, the particular Series B Bonds or portions of the Series B Bonds of such maturity to be redeemed shall be selected by lot in such manner as the Town in its discretion may determine; provided, however, that the portion of any Series B Bond to be redeemed shall be in the principal amount of $5,000 or some multiple thereof and that, in selecting Series B Bonds for redemption, each Series B Bond shall be considered as representing that number of Series B Bonds which is obtained by dividing the principal amount of such bond by $5,000.

The Town, so long as a book-entry system is used for the Series B Bonds being called for redemption, will send any notice of redemption only to DTC (or a successor securities depository) or its nominee. Any failure of DTC to advise any DTC Participant or of any DTC Participant or Indirect Participant to notify any Indirect Participant or Beneficial Owner, of any such notice and its content or effect will not affect the validity of the redemption of such Series B Bonds called for redemption. Redemption of portions of the Series B Bonds of any maturity by the Town will reduce the outstanding principal amount of the Series B Bonds held by DTC. In such event it is the current practice of DTC to allocate by lot, through its book-entry system, among the interest held by DTC Participants in the Series B Bonds to be redeemed, the interest to be reduced by such redemptions in accordance with its own rules or other agreements with DTC Participants. The DTC Participants and Indirect Participants may allocate reductions of the interests in the Series B Bonds to be redeemed held by the Beneficial Owners. Any such allocation of interests in the Series B Bonds to be redeemed will not be governed by the determination of the Town authorizing the issuance of the Series B Bonds and will not be conducted by the Town, the Registrar or Paying Agent.

DESCRIPTION OF THE NOTES

The Notes will be dated January 14, 2021 and will mature on January 13, 2022. Interest on the Notes will be payable at maturity and will be calculated on the basis of twelve 30-day months and a 360-day year. The Notes are NOT subject to redemption prior to maturity. A book-entry system will be employed evidencing ownership of the Notes in principal amounts of $5,000 or integral multiples thereof with transfers of ownership effected on the records of DTC, and its participants pursuant to rules and procedures established by DTC and its participants. (See "Book-Entry Transfer System" herein.) The Registrar, Certifying Bank, Transfer Agent and Paying Agent will be U.S. Bank National Association, Hartford, Connecticut. The legal opinion on the Notes will be rendered by Robinson & Cole LLP, of Hartford, Connecticut. The Notes shall NOT be designated by the Town as qualified tax- exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended.

RATINGS

The Bonds have been rated "Aaa" by Moody's Investors Service, Inc. ("Moody's") and "AAA" by S&P Global Ratings ("S&P"). The rating on the Town’s outstanding bonds has been affirmed as "Aaa" by Moody's, and certain outstanding bond issues are rated "AAA" by S&P. Certain outstanding bonds are also rated "AAA" by Fitch Ratings ("Fitch"), however the Town did not seek a rating from Fitch on this issue. The Notes have been rated "MIG 1" by Moody's and "SP-1+" by S&P. Such ratings reflect only the views of such organizations and any explanation of the significance of such ratings should be obtained from the rating agency furnishing the same, at the following addresses: Moody's Investors Service, Inc., 7 World Trade Center, 250 Greenwich Street, New York, New York 10007 and S&P Global Ratings, 55 Water Street, New York, New York 10041-0003. Generally, a rating agency bases its rating on the information and materials furnished to it and on investigations, studies and assumptions of its own. There is no assurance such ratings will continue for any given period of time or that such ratings will not be revised 2

downward or withdrawn entirely by the rating agencies, if in the judgment of such rating agencies, circumstances so warrant. Any such downward revision or withdrawal of such ratings may have an adverse effect on the market price of the Town's obligations.

AUTHORIZATION AND PURPOSE

The Bonds and the Notes are issued pursuant to Title 7 of the General Statutes of Connecticut, as amended, the Charter of the Town of Greenwich, and certain resolutions adopted by the Board of Estimate and Taxation and the Representative Town Meeting. The Series A Bonds and the Notes are being issued to finance the following capital improvement projects:

BANs Amount of Maturing The Series A Projects Authorization 1/14/2021 Bonds The Notes Total Fiscal Year 2012-13 Authorizations...... $ 71,766,207 $ - $ 75,995 $ - Total Fiscal Year 2013-14 Authorizations...... 47,577,438 - 23,899 - Total Fiscal Year 2014-15 Authorizations...... 43,323,783 - 160,563 - Total Fiscal Year 2015-16 Authorizations...... 42,073,567 - 21,200 - Total Fiscal Year 2016-17 Authorizations...... 60,194,818 - 163,564 - Total Fiscal Year 2017-18 Authorizations...... 34,775,077 - 2,229,779 - Total Fiscal Year 2018-19 Authorizations...... 33,099,755 27,275,000 27,325,000 2,304,473 Total Fiscal Year 2019-20 Authorizations...... 50,158,024 22,725,000 - 30,455,655 Total Fiscal Year 2020-21 Authorizations...... 37,473,000 - - 22,239,872 Total...... $420,441,669 $50,000,000 $30,000,000 $55,000,000

* Preliminary, subject to change

PLAN OF REFUNDING

The Series B Bonds are being issued pursuant to Title 7 of the General Statutes of Connecticut, as amended, and refunding resolutions adopted by the Representative Town Meeting at a meeting held on May 8, 2020 authorizing the issuance of refunding bonds in an amount not to exceed a combined $25,000,000 to refund a portion of the outstanding maturities of the Town's general obligation bonds, including but not limited to, the bonds to be refunded listed below (the "Series B Refunded Bonds"). The list of the Series B Refunded Bonds may be changed by the Town in its sole discretion due to market factors or other factors considered relevant by the Town at the time of pricing of the Series B Bonds and no assurance can be given that any particular Refunded Bond listed or that any particular maturity thereof will be refunded. The refunding is contingent upon delivery of the Series B Bonds.

Maturity Par Interest Redemption Redemption Issue Dated Date Date Amount Rate Date Price 2008 Ref 4/30/2008 6/1/2021 $ 1,620,000 4.000 % 2/16/2021 100.00 % 2008 Ref 4/30/2008 6/1/2022 1,690,000 4.000 2/16/2021 100.00 2008 Ref 4/30/2008 6/1/2023 1,755,000 4.000 2/16/2021 400.00 5,065,000 *

2012 1/26/2012 1/15/2027 245,000 2.250 2/16/2021 100.00 2012 1/26/2012 1/15/2028 245,000 2.375 2/16/2021 100.00 2012 1/26/2012 1/15/2029 245,000 2.500 2/16/2021 100.00 2012 1/26/2012 1/15/2030 245,000 2.625 2/16/2021 100.00 2012 1/26/2012 1/15/2032 245,000 3.000 2/16/2021 100.00 1,225,000 *

* Preliminary, subject to change

Maturity Par Interest Redemption Redemption Issue Dated Date Date Amount Rate Date Price 2015 1/22/2015 1/15/2022 385,000 2.000 2/16/2021 100.00 2015 1/22/2015 1/15/2023 385,000 2.000 2/16/2021 100.00 2015 1/22/2015 1/15/2024 385,000 2.000 2/16/2021 100.00 2015 1/22/2015 1/15/2025 385,000 2.000 2/16/2021 100.00 2015 1/22/2015 1/15/2026 385,000 2.250 2/16/2021 100.00 2015 1/22/2015 1/15/2027 385,000 2.250 2/16/2021 100.00 2015 1/22/2015 1/15/2028 385,000 2.375 2/16/2021 100.00 2015 1/22/2015 1/15/2029 385,000 2.500 2/16/2021 100.00 2015 1/22/2015 1/15/2030 385,000 2.500 2/16/2021 100.00 2015 1/22/2015 1/15/2031 385,000 2.625 2/16/2021 100.00 2015 1/22/2015 1/15/2032 385,000 2.625 2/16/2021 100.00 2015 1/22/2015 1/15/2033 385,000 2.750 2/16/2021 100.00 2015 1/22/2015 1/15/2034 385,000 2.750 2/16/2021 100.00 2015 1/22/2015 1/15/2035 385,000 2.750 2/16/2021 100.00 5,390,000 * Total $ 11,680,000 *

* Preliminary, subject to change

Upon delivery of the Series B Bonds, proceeds of the Series B Bonds will be placed in an irrevocable escrow deposit fund established with U.S. Bank National Association of Hartford, Connecticut, as escrow agent under an Escrow Agreement to be dated as of January 14, 2021 between the Escrow Agent and the Town. The Escrow Agent will deposit the net proceeds of the Series B Bonds into an Escrow Deposit Fund and will use such proceeds and other monies, as applicable, to purchase a portfolio of non-callable direct obligations of, or obligations guaranteed by the government of the United States of America, including United States Treasury State and Local Government Series ("SLGS") securities and any other securities permitted by Section 7- 400 of the Connecticut General Statutes all of which shall not be callable or pre-payable at the option of the issuer thereof (the "Escrow Securities"). All investment income on, and maturing principal of, the Escrow Securities held in the Escrow Deposit Fund and needed to pay the principal, interest payments and redemption prices of the Series B Refunded Bonds will be applied by the Town for payment of the Series B Refunded Bonds. The balance of the proceeds of the Series B Bonds will be used to pay costs of issuance, including the underwriter's discount.

Upon the making of the payments on the Series B Bonds with the Escrow Agent, the Series B Refunded Bonds described herein will be deemed no longer outstanding and shall be deemed to have been paid in full.

VERIFICATION OF MATHEMATICAL COMPUTATIONS

Ritz & Associates, a Professional Association, will verify from the information provided to them the mathematical accuracy as of the date of the closing of the Series B Bonds of the computations contained in the Municipal Advisor’s schedules to determine that the anticipated receipts from the Series B Escrow Securities, and any cash deposits to be held in the Series B Escrow Deposit Fund, will be sufficient to pay, when due, the principal, interest and applicable call premium, if any, of the Series B Refunded Bonds. Ritz & Associates, a Professional Association, will express no opinion on the assumptions provided to them.

SOURCES AND USES OF BOND AND NOTE PROCEEDS Sources: Series A Bonds Series B Bonds The Notes Par Amount...... $30,000,000.00 $10,235,000.00 * $55,000,000.00 Net Original Issue Premium...... Total Sources...... $ - $ - $ - Uses: Deposit to the Capital Project Fund.... Deposit to Escrow Fund ...... Underwriter's Discount...... Cost of Issuance...... Total Uses...... $ - $ - $ -

* Preliminary, subject to change 4

TAX MATTERS

The Internal Revenue Code of 1986, as amended (the “Code”), imposes certain requirements which must be met at and subsequent to delivery of the Bonds and the Notes in order that interest on the Bonds and the Notes be and remains excluded from gross income for federal income tax purposes. Noncompliance with such requirements could cause interest on the Bonds and the Notes to be included in gross income retroactive to the date of issuance of the Bonds and the Notes. The Tax Regulatory Agreement, which will be executed and delivered by the Town concurrently with the Bonds and the Notes, contains representations, covenants and procedures relating to the use, expenditure and investment of proceeds of the Bonds and the Notes in order to comply with such requirements of the Code. Pursuant to the Tax Regulatory Agreement, the Town also covenants and agrees that it shall perform all things necessary or appropriate under any valid provision of law to ensure interest on the Bonds and the Notes shall be excluded from gross income for federal income tax purposes under the Code.

In the opinion of Bond Counsel, based on existing statutes and court decisions and assuming continuing compliance by the Town with its covenants and the procedures contained in the Tax Regulatory Agreement, interest on the Bonds and the Notes is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax.

Ownership of the Bonds and the Notes may also result in certain collateral federal income tax consequences to certain taxpayers, including, without limitation, financial institutions, property and casualty insurance companies, certain foreign corporations doing business in the United States, certain S corporations with excess passive income, individual recipients of Social Security and Railroad Retirement benefits, taxpayers utilizing the earned income credit and taxpayers who have or are deemed to have incurred indebtedness to purchase or carry tax exempt obligations, such as the Bonds and the Notes. Prospective purchasers of the Bonds and the Notes, particularly those who may be subject to special rules, are advised to consult their own tax advisors regarding the federal tax consequences of ownership and disposition of, or receipt of interest on, the Bonds and the Notes.

In the opinion of Bond Counsel, based on existing statutes, interest on the Bonds and the Notes is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the federal alternative minimum tax.

Legislation affecting the exclusion from gross income of interest on State or local bonds, such as the Bonds and the Notes, is regularly under consideration by the United States Congress. There can be no assurance that legislation enacted or proposed after the date of issuance of the Bonds and the Notes will not reduce or eliminate the benefit of the exclusion from gross income of interest on the Bonds and the Notes or adversely affect the market price of the Bonds and the Notes.

The opinions of Bond Counsel are rendered as of their date and are based on existing law, which is subject to change. Bond Counsel assumes no obligation to update or supplement its opinions to reflect any facts or circumstances that may come to their attention, or to reflect any changes in law that may thereafter occur or become effective.

Prospective purchasers of the Bonds and the Notes are advised to consult their own tax advisors regarding other State and local tax consequences of ownership and disposition of and receipt of interest on the Bonds and the Notes.

Original Issue Premium

The initial public offering price of certain maturities of the Bonds and the Notes may be greater than the principal amount payable on such Bonds and Notes at maturity. The excess of the initial public offering price at which a substantial amount of these Bonds or the Notes is sold over the principal amount payable at maturity or on earlier call date constitutes original issue premium. The offering prices relating to the yields set forth on the inside cover page of this Official Statement are expected to be the initial public offering prices at which a substantial amount of the Bonds and the Notes were ultimately sold to the public.

Under Sections 1016 and 171 of the Code, the amount of original issue premium treated as amortizing with respect to any Bond or Note during each day it is owned by a taxpayer is subtracted from the owner’s adjusted basis for purposes of determining gain or loss upon the sale or other disposition of such Bonds or Notes by such owner. Amortized original issue premium on the Bonds and the Notes is not treated as a deduction from gross income for federal income tax purposes. Original issue premium on any bond is treated as amortizing on the basis of the taxpayer’s yield to maturity using the taxpayer’s cost basis and a constant semiannual compounding method. Prospective purchasers of the Bonds and the Notes should consult their own tax advisors with respect to the federal, state and local income tax consequences of the disposition of and receipt of interest on the Bonds and the Notes.

SECURITY AND REMEDIES

The Bonds and the Notes will be general obligations of the Town and the Town will pledge its full faith and credit to pay the principal of and interest on the Bonds and the Notes when due.

Unless paid from other sources, the Bonds and the Notes are payable from general property tax revenues of the Town. The Town has the power under the Connecticut General Statutes to levy ad valorem taxes on all taxable property in the Town without limit as to rate or amount, except as to certain classified property such as certified forest land taxable at a limited rate and dwelling houses of qualified elderly persons of low income or qualified disabled persons taxable at limited amounts. Payment of the Bonds and the Notes is not limited to property tax revenues or any other revenue source, but certain revenues of the Town may be restricted as to use and therefore may not be available to pay debt service on the Bonds and the Notes.

There are no statutory provisions for priorities in the payment of general obligations of the Town. There are no statutory provisions for a lien on any portion of the tax levy or other revenues to secure the Bonds and the Notes, or judgments thereon, in priority to other claims.

The Town is subject to suit on its general obligation bonds and notes, and a court of competent jurisdiction has the power in appropriate proceedings to render a judgment against the Town. Courts of competent jurisdiction also have the power in appropriate proceedings to order payment of a judgment on such bonds and notes from funds lawfully available therefore or, in the absence thereof, to order the Town to take all lawful action to obtain the same, including the raising of the required amount in the next annual tax levy. In exercising their discretion as to whether to enter such an order, the courts may take into account all relevant factors including the current operating needs of the Town and the availability and adequacy of other remedies.

Enforcement of a claim for payment of principal of or interest on such debt would also be subject to the applicable provisions of Federal bankruptcy laws as well as other bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors rights heretofore or hereafter enacted and to the exercise of judicial discretion. Under the federal bankruptcy code, the Town may seek relief only, among other requirements, if it is specifically authorized, in its capacity as a municipality or by name, to be a debtor under Chapter 9, Title 11 of the United States Code, or by state law or by a governmental officer or organization empowered by state law to authorize such entity to become a debtor under such Chapter. Section 7-566 of the Connecticut General Statutes provides that no Connecticut municipality shall file a petition in bankruptcy without the express prior written consent of the Governor. This prohibition applies to any town, city, borough, metropolitan district and any other political subdivision of the State having the power to levy taxes and issue bonds or other obligations.

CONSIDERATION FOR BOND AND NOTE HOLDERS

In making an investment decision with respect to the Bonds and the Notes, investors should consider carefully the information in this Official Statement and, in addition to those investment characteristics of fixed-rate municipal debt obligations, consider the following factor.

The COVID-19 Outbreak

The outbreak of COVID-19, a respiratory virus caused by a new strain of coronavirus, has been declared a Public Health Emer- gency of International Concern by the World Health Organization. On March 13, 2020, the President of the United States declared a national emergency as a result of the COVID-19 outbreak. The outbreak of the virus has affected travel, commerce and financial markets globally, and is widely expected to affect economic growth worldwide.

The ongoing impact of COVID-19 has materially affected local, state, national, and global activity, and increased public health emergency response costs. Many states and municipalities have taken measures that are having negative effects on state and local economies. In addition, businesses and people have altered behaviors in manners that are having negative effects on global and local economies. The financial, stock and bond markets in the United States and globally have seen significant volatility attributed to COVID-19.

Although COVID-19 has not had a material adverse effect on the Town’s finances to date, there can be no assurances that the pandemic will not materially adversely impact the financial condition of the Town, including its credit ratings and its ability to pay debt service on the Bonds and Notes.

State and Local Efforts to Mitigate the Ongoing Impact of COVID-19

On March 10, 2020, Governor Ned Lamont declared a state of emergency throughout the State of Connecticut as a result of the COVID-19 outbreak. State agencies were directed to use all resources necessary to prepare for and respond to the outbreak and 6

resulting emergency. Immediately after the outbreak, the Governor restricted social and recreational gatherings to no more than 5 people, limited restaurants to take-out and delivery only, required all businesses and not-for-profit entities in the State to employ, to the maximum extent possible, any telecommuting or work from home procedures that they can safely employ, required closure of all non-essential businesses and not-for-profit entities and instituted a 60-day residential rent moratorium. The Governor also cancelled all public-school classes through the 2019-2020 school year. Additionally, the General Assembly suspended activity at the State Capitol and Legislative Office building and the judicial branch suspended non-exigent operations.

On April 30, 2020, Governor Lamont announced a four-stage plan to reopen the State’s economy (the “Reopening Plan”). Phase one of the Reopening Plan began on May 20, 2020 and allowed retailers, offices, outdoor restaurants and outdoor recreation facilities to open. Phase two of the Reopening Plan commenced on June 17, 2020 and permitted (but did not require) certain businesses to open under sector-specific rules. Those businesses included but were not limited to hotels, indoor dining, libraries, nail salons and tattoo parlors, and the sector-specific rules include detailed information and requirements about physical distancing, facility capacity, hygiene, sanitizing, signage, personal protective equipment, scheduling, and training. Additionally, at varying dates within phase two, educational and community services, such as selected youth sports, public libraries, day camps and summer schools, were permitted to open.

During phase two of the Reopening Plan and to assist municipalities in addressing the 2020-2021 school year, the State of Connecticut Department of Education released “Adapt, Advance, Achieve: Connecticut’s Plan to Learn and Grow Together,” which is a comprehensive plan that will serve as a roadmap for school districts as they plan to reopen schools. This plan includes in person schooling for all ages with a structure in place that ensured safety protocols, provided for students' social-emotional well-being and mitigated any barriers to accessing equitable opportunities that increased during the COVID-19 pandemic. While school districts retained discretion in implementing approaches to reopening, the six guiding principles of the plan required school districts to develop their reopening plans with a certain amount of regional consistency. Understanding that health developments may influence decisions to transition to different instructional models, school districts are encouraged to be flexible in their planning with contingency plans in place for blended or remote learning for all grades. The Greenwich School District began the 2020-21 school year on September 9, 2020 under hybrid model. Currently all schools are operating under a hybrid learning model due to an increase in COVID-19 cases in Town and across the State. The Town can not predict how or when this plan may change or the potential fiscal impact any such change will have on the Town.

Phase three of the Reopening Plan commenced on October 8, 2020 and permitted (but did not require) an increase in the indoor capacity of restaurants, personal services, hair salons, barber shops, and libraries from 50 percent to 75 percent. Outdoor event venues could increase capacity from 25 percent to 50 percent with masks and social distancing requirements and indoor performing arts venues were allowed to open at 50 percent capacity with masks and social distancing requirements. Bars and nightclubs are to remain closed. Finally, both indoor and outdoor capacity for private social and recreation gatherings, graduation and religious services were expanded but remained capped at 150 people or 50% of capacity, depending on the type of event.

As the result of the steadily increasing rate of COVID-19 cases in Connecticut, on November 5, 2020, Governor Lamont signed Executive Order No. 9K which rolled back the Reopening Plan to a slightly modified version of Phase 2 rules including the following requirements: that restaurants reduce capacity to 50 percent with a maximum of 8 people limited to a table; restaurants and entertainment venues (i.e. bowling allies, movie theaters, arcades, etc.) close by 9:30 p.m., with the exception of food takeout and delivery services, which will be allowed to continue after 9:30 p.m.; personal services, such as hair salons and barber shops, remain at 75 percent capacity; event venues will be limited to 25 people indoor, 50 people outdoor; performing arts venues and movie theaters will have a capacity of 100 people; and religious gatherings will be limited to 50 percent capacity or 100 people maximum.

The continued spread of the virus and any prolonged effects on the national, State and local economy could have a materially adverse effect on the Town and its finances in Fiscal Year 2020-21. Also, the ability of the State of Connecticut to provide the same level of assistance to Connecticut municipalities, such as the Town, as in prior fiscal years may be negatively impacted. As of November 1, 2020, State Comptroller Kevin Lembo projected a $1.1 billion deficit for the State for Fiscal Year 2021. He also announced that the State’s Budget Reserve Fund brought its total balance to $3.1 billion, representing 15.3 percent of net General Fund appropriations.

On March 17, 2020, the Town declared a local state of emergency. This action allowed the Mayor to exercise emergency powers as needed to help the community, and to better position the Town to access emergency federal aid. The Town closed all public buildings to the public but continued to staff Town offices with full staffing performing essential services and the Town conducted essential council and commission meetings remotely. The Town buildings had been fully re-opened to the public fully but were switched to by appointment only due to an increase of the number of COVID-19 cases in the Town and across the State.

Financial Results for Fiscal Year 2020

The COVID-19 pandemic did not have a materially adverse effect on the Town’s financial condition for Fiscal Year 2020. The Town’s finances and financial plans remained stable through the end of such fiscal year. For the fiscal year ending June 30, 2020, the Town received 96.6% of total budgeted revenues, inclusive of fund balance appropriated for tax relief and 100.0% of budgeted revenues excluding appropriated fund balance. For the fiscal year ending June 30, 2020 the Town collected 100.5% of budgeted property taxes. The Town ended the fiscal year with a $5.8M operating surplus on a GAAP basis of accounting and a $1.7 million operating surplus on a budgetary basis of accounting.

Municipal Tax Relief Programs

On April 1, 2020, the Governor issued Executive Order No. 7S entitled “Protection of Public Health and Safety During COVID- 19 Pandemic and Response – Safe Stores, Relief for Policyholders, Taxpayers, and Tenants”, which was subsequently amended by Executive Order No. 7W issued April 9, 2020 (as amended, “Executive Order No. 7S”). Section 6 of Executive Order No. 7S established two programs, a “Deferment Program” and a “Low Interest Rate Program”. The Deferment Program, for the period April 1, 2020 through and including July 1, 2020, offers eligible taxpayers, businesses, nonprofits, and residents a deferment by three (3) months of any taxes on real property, personal property or motor vehicles, or municipal water, sewer and electric rates, charges or assessments for such tax, rate, charge, or assessment from the time it became due and payable. Eligible taxpayers, businesses, nonprofits, and residents are those that attest to or document significant economic impact by COVID-19, and/or those that document they are providing relief to those significantly affected by the COVID-19 pandemic. The Low Interest Rate Pro- gram provides a three percent (3%) per annum interest rate to all taxpayers on the delinquent portion of the principal of any taxes on real property, personal property or motor vehicles, or municipal water, sewer and electric rates, charges or assessments, or part thereof, for three (3) months from the time when it became due and payable until the same is paid, for any such tax, rate, charge, or assessment due and payable from April 1, 2020 through and including July 1, 2020, unless such delinquent portion is subject to interest and penalties at less than three percent (3%) per annum. Financial institutions and mortgage servicers that hold property tax payments in escrow on behalf of a borrower shall continue to remit property taxes to the municipality, so long as the borrower remains current on their mortgage or is in a forbearance or deferment program, irrespective of the borrower’s eligibility for or participation in the Deferment Program or the Low Interest Rate Program. Connecticut municipalities were required to elect participation in one or both programs by vote of its legislative body no later than April 25, 2020.

On April 20, 2020, the RTM approved participation in the 90-day Deferment Program. The Deferment Program offers an extension of 90 days for taxpayers to pay their July 2020 tax bills. The bills were still due July 1, 2020 but the grace period that normally extends to August 1st extended until October 1st. The taxpayers of the Town can pay their bills up to 90 days after the due date without any penalty or interest. While the Town cannot predict at this time the impact that COVID-19 will have on future tax collections, current year tax collections have remained stable through October 2020. As of October 13, 2020, the Town collected approximately $213.1 million in taxes, or approximately 55.0% of the tax levy, which compares favorably to collections $214.5 million or 55.7% of the adjusted tax levy for the same period in the prior year.

On December 16, 2020, the Governor issued Executive Order No. 9R, which among other things, renews the municipal tax relief program for tax bills due and payable on January 1, 2021. Municipalities may continue to the program or programs adopted in April 2020 without further action. Municipalities that opt to change their programs must act and notify the Office of Policy and Management by December 30, 2020.

Government Response to COVID-19’s Impact on the Economy

On March 27, 2020, Congress enacted the Coronavirus Aid, Relief, and Economic Stabilization Act (the “CARES Act”) that provides in excess $2 trillion of relief to industries and entities throughout the country, including state and local governments. Un- der the CARES Act, $150 billion will be appropriated to states and other units of government for activities that are directly related to COVID-19; the amount paid to each state will be based on population with a minimum payment of $1.25 billion. In addition, the CARES Act will provide $454 billion to the Federal Reserve to purchase business, state or municipal securities in order to provide a level of liquidity to the municipal market. Other financial relief affecting states and local governments includes $30.9 billion for education, $10 billion for airports, $25 billion for transit providers, and $17 billion for housing, including $5 billion for Community Development Block Grants for COVID-19 related services.

On March 28, 2020, President Trump approved Governor Lamont’s request for a disaster declaration for the State of Connecti- cut. Under the declaration, it is expected that federal funding will be made available to state, tribal and eligible local governments and certain private nonprofit organizations for emergency protective measures, including direct federal assistance, for all areas of Connecticut impacted by COVID-19. The impacted agencies and towns will be reimbursed for 75 percent of the costs associated with their response and emergency protective measures. 8

On April 24, 2020, President Trump signed into law the Paycheck Protection Program and Health Care Enhancement Act. The legislation included $484 billion of additional funding to support small business, hospitals and to enhance COVID-19 testing. On June 5, 2020, President Trump signed into law the Paycheck Protection Flexibility Act, which legislation eases restrictions on how and when the money lent to small businesses must be spent in order to be forgiven.

On June 4, 2020, Governor Lamont established the Connecticut Municipal Coronavirus Relief Fund Program (the “MCRF Program”) which details a process by which Connecticut municipalities can receive reimbursements from the State using the Coronavirus Relief Fund to offset non-budgeted COVID-19 related expenditures that are incurred on or after March 1, 2020 through December 30, 2020. It is expected that the moneys from the MCRF Program can be used as the Town’s 25% local match against the 75% FEMA Disaster Declaration reimbursement. The Town estimates that to date it has received approximately $1.95 million in COVID19 related reimbursements, including approximately $1.7 million for the Nathaniel Witherell Nursing Facility. Town has applied for an additional $2.34 million in reimbursements, including $1.5 million to FEMA. The Board of Education has also applied for $1.96 million in reimbursements to both the federal government and the State of Connecticut.

BOOK-ENTRY-ONLY TRANSFER SYSTEM

The Depository Trust Company ("DTC"), New York, New York, will act as securities depository for the Bonds and the Notes. The Bonds and the Notes will be issued as fully-registered securities registered in the name of Cede & Co. (DTC's partnership nominee) or such other name as may be requested by an authorized representative of DTC. One fully-registered Bond certificate will be issued for each maturity of the Bonds in the aggregate principal amount of such maturity, and will be deposited with DTC. One fully registered Note certificate will be issued for each interest rate of the Notes, and will be deposited with DTC.

DTC, the world's largest securities depository, is a limited-purpose trust company organized under the New York Banking Law, a "banking organization" within the meaning of the New York Banking Law, a member of the Federal Reserve System, a "clearing corporation" within the meaning of the New York Uniform Commercial Code, and a "clearing agency" registered pursuant to the provisions of Section 17A of the Securities Exchange Act of 1934. DTC holds and provides asset servicing for over 3.5 million issues of U.S. and non-U.S. equity, corporate and municipal debt issues and money market instruments (from over 100 countries) that DTC’s participants ("Direct Participants") deposit with DTC. DTC also facilitates the post-trade settlement among Direct Participants of sales and other securities transactions in deposited securities, through electronic computerized book-entry transfers and pledges between Direct Participants’ accounts. This eliminates the need for physical movement of securities certificates. Direct Participants include both U.S. and non-U.S. securities brokers and dealers, banks, trust companies, clearing corporations, and certain other organizations. DTC is a wholly-owned subsidiary of The Depository Trust & Clearing Corporation ("DTCC"). DTCC is the holding company for DTC, National Securities Clearing Corporation and Fixed Income Clearing Corporation, all of which are registered clearing agencies. DTCC is owned by the users of its registered subsidiaries. Access to the DTC system is also available to others such as both U.S. and non-U.S. securities brokers and dealers, banks, trust companies and clearing corporations that clear through or maintain a custodial relationship with a Direct Participant, either directly or indirectly ("Indirect Participants"). DTC’s has Standard & Poor’s rating of AA+. The DTC Rules applicable to its Participants are on file with the Securities and Exchange Commission. More information about DTC can be found at www.dtcc.com.

Purchases of the Bonds and the Notes under the DTC system must be made by or through Direct Participants, which will receive a credit for the Bonds and the Notes on DTC's records. The ownership interest of each actual purchaser of each Bond and Note ("Beneficial Owner") is in turn to be recorded on the Direct and Indirect Participants' records. Beneficial Owners will not receive written confirmation from DTC of their purchase. Beneficial Owners are, however, expected to receive written confirmation providing details of the transaction, as well as periodic statements of their holdings, from the Direct or Indirect Participant through which the Beneficial Owner entered into the transaction. Transfers of ownership interests in the Bonds and Notes are to be accomplished by entries made on the books of Direct and Indirect Participants acting on behalf of Beneficial Owners. Beneficial Owners will not receive certificates representing their ownership interests in the Bonds and the Notes, except in the event that use of the book-entry system for the Bonds and the Notes is discontinued.

To facilitate subsequent transfers, all Bonds and Notes deposited by Direct Participants with DTC are registered in the name of DTC's partnership nominee, Cede & Co., or such other name as may be requested by an authorized representative of DTC. The deposit of the Bonds and the Notes with DTC and their registration in the name of Cede & Co. or such other DTC nominee does not affect any change in beneficial ownership. DTC has no knowledge of the actual Beneficial Owners of the Bonds and the Notes; DTC's records reflect only the identity of the Direct Participants to whose accounts such Bonds and Notes are credited, which may or may not be the Beneficial Owners. The Direct and Indirect Participants will remain responsible for keeping account of their holdings on behalf of their customers.

Conveyance of notices and other communications by DTC to Direct Participants, by Direct Participants to Indirect Participants, and by Direct Participants and Indirect Participants to Beneficial Owners will be governed by arrangements among them, subject to any statutory or regulatory requirements as may be in effect from time to time.

Redemption notices shall be sent to DTC if less than all of the Bonds and the Notes within an issue are being redeemed. DTC's practice is to determine by lot the amount of the interest of each Direct Participant in such issue to be redeemed.

Neither DTC nor Cede & Co. (nor any other DTC nominee) will consent or vote with respect to the Bonds and the Notes unless authorized by a Direct Participant in accordance with DTC's MMI Procedures. Under its usual procedures, DTC mails an Omnibus Proxy to the Town as soon as possible after the record date. The Omnibus Proxy assigns Cede & Co.'s consenting or voting rights to those Direct Participants to whose accounts the Bonds and the Notes are credited on the record date (identified in a listing attached to the Omnibus Proxy).

Principal and interest payments on, and redemption premium, if any, with respect to the Bonds and the Notes will be made to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC. DTC's practice is to credit Direct Participants' accounts upon DTC's receipt of funds and corresponding detail information from the Town or the Paying Agent on the payable date in accordance with their respective holdings shown on DTC's records. Payments by Participants to Beneficial Owners will be governed by standing instructions and customary practices, as is the case with securities held for the accounts of customers in bearer form or registered in "street name", and will be the responsibility of such Participant and not of DTC nor its nominee, the Paying Agent, or the Town, subject to any statutory or regulatory requirements as may be in effect from time to time. Payment of principal and interest, and redemption premium, if any, to Cede & Co. (or such other nominee as may be requested by an authorized representative of DTC) is the responsibility of the Town or the Paying Agent, disbursement of such payments to Direct Participants will be the responsibility of DTC, and disbursement of such payments to the Beneficial Owners will be the responsibility of Direct and Indirect Participants.

DTC may discontinue providing its services as depository with respect to the Bonds and the Notes at any time by giving reasonable notice to the Town or the Paying Agent. Under such circumstances, in the event that a successor depository is not obtained, Bond and Note certificates are required to be printed and delivered.

The Town may decide to discontinue use of the system of book-entry transfers through DTC (or a successor securities depository). In that event, Bond and Note certificates will be printed and delivered to DTC.

The information in this section concerning DTC and DTC's book-entry system has been provided by DTC. The Town takes no responsibility for the accuracy thereof.

REPLACEMENT BONDS AND NOTES

The Town will provide for the issuance of fully registered bond certificates directly to the Beneficial Owners of the Bonds and the Notes or their nominees in the event that: (a) DTC determines not to continue to act as securities depository for the Bonds and the Notes, and the Town fails to identify another qualified securities depository for the Bonds and the Notes to replace DTC; or (b) the Town determines to discontinue the book-entry system of evidence and transfer of ownership of the Bonds and the Notes. A Beneficial Owner of the Bonds and the Notes, upon registration of certificates held in such Beneficial Owner's name, will become the registered owner of the Bonds and the Notes.

DTC PRACTICES

The Town can make no assurances that DTC, Direct Participants, Indirect Participants or other nominees of the Beneficial Owners of the Bonds will act in a manner described in this Official Statement. DTC is required to act according to rules and procedures established by DTC and its participants which are on file with the Securities and Exchange Commission.

Neither the Town, the Paying Agent nor the Underwriter will have any responsibility or obligation to the Participants of DTC or the persons for whom they act as nominees with respect to (i) the accuracy of any records maintained by DTC or by any Participant of DTC, (ii) payments or the providing of notice to the Direct Participants, the Indirect Participants or the Beneficial Owners, (iii) the selection by DTC or by any Participant of DTC of any Beneficial Owner to receive payment in the event of a partial redemption of the Bonds or (iv) any other actions taken by DTC or its partnership nominees as owner of the Bonds and the Notes.

QUALIFICATION FOR FINANCIAL INSTITUTIONS

The Bonds and the Notes shall NOT be designated by the Town as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended, for purposes of the deduction by financial institutions for certain interest expense allocable to the Bonds and the Notes.

AVAILABILITY OF CONTINUING DISCLOSURE INFORMATION

The Town prepares, in accordance with State law, annual independent audited financial statements and files such annual reports with the State Office of Policy and Management within six months of the end of its fiscal year. The Town provides, and will continue to provide the rating agencies with ongoing disclosure information in the form of annual financial reports, adopted budgets and other materials relating to its management and financial condition, as may be necessary or requested.

In accordance with the requirements of Rule 15c2-12(b)(5) promulgated by the Securities and Exchange Commission, the Town will agree to provide, or cause to be provided, (i) annual financial information and operating data with respect to the Bonds, (ii) notice of the occurrence of certain events within 10 business days of the occurrence of such events with respect to the Bonds and the Notes (iii) timely notice of a failure by the Town to provide the required annual financial information on or before the date specified in the Continuing Disclosure Agreements with respect to the Bonds. The Continuing Disclosure Agreements are to be executed in substantially the forms attached in Appendices E and F to this Official Statement.

The Town has previously undertaken in continuing disclosure agreements for the benefit of holders of certain of its bonds and notes to provide certain annual financial information and event notices pursuant to Rule 15c2-12(b)(5). In the last five years, the Town has not failed to comply, in all material respects, with its previous undertakings in such agreements.

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II. THE ISSUER

DESCRIPTION OF THE TOWN

The Town was first settled on July 18, 1640 becoming the tenth town in Connecticut. It was subsequently incorporated in 1656. Greenwich covers an area of 50.6 square miles, and is located in the Southwestern corner of Fairfield County. The Town is bounded by Long Island Sound to the south, New York State to the west and north, and by the City of Stamford to the east.

Greenwich is the nearest Connecticut town to New York City (28 miles) and is located on the mainline of the Metro North Railroad. The Town is served by the Connecticut Turnpike (Interstate Route 95), the Merritt Parkway (Route 15) and U.S. Route 1 (Boston Post Road). The Town is credited with a population of 62,782 according to the U.S. Census Bureau’s, 2013-17 American Community Survey.

The Town is located in one of the highest per capita income areas in the United States. The Town’s median family income was listed at $183,559 and per capita income was listed at $98,467 according to the U.S. Census Bureau's 2014-2018 American Community Survey. A great number of the Town's residents are executives, professional, technical and managerial people employed in New York City and at the industrial and corporate headquarters of nationally known firms located in surrounding Fairfield County communities.

The Town historically has had the largest Grand List in the State. The Grand List consists of the values of all taxable property, including real estate, personal property, and motor vehicles, as well as the tax-exempt and non-taxable properties in the Town. The Town's Grand List of October 1, 2019 had a value of $33,438,497,489, which represents an overall increase of 1.02% over the prior year.

The value of home sales in the Town range from approximately $375,900 to $42,175,000 with many in the $950,000 to $2,600,000 range. For the assessment year 2019 through 2020, the median home sale price was listed at $1,925,000, while the average price was listed at $2,498,245.

The Town is located in one of the most attractive suburban regions of the country. Its natural beauty, attractive Long Island Sound setting, aquatic recreational opportunities, and proximity to the New York metropolitan area have historically made this regional location an appealing choice for some of the wealthiest people in the country.

Greenwich has four municipal beaches, four municipal harbors, twenty public parks, and one municipal golf course. The Town is also known for its participation in the arts, including town-sponsored enterprises such as The Bruce Museum.

In 1961, the Town established the Planning and Zoning Commission, which has placed great importance on sound town planning. The Town established a Plan of Conservation and Development in 1998, which defined the Town’s plan for long-range growth over a ten-year period. The Representative Town Meeting ("RTM") adopted a new 2019 Plan of Conservation and Development on December 9, 2019 in compliance with Section 92 of the Town Charter. The 2019 Plan of Conservation and Development includes recommendations as follows; 1) redeveloping and revitalizing regional centers and areas with existing or currently planned physical infrastructure, 2) expanding housing opportunities and design choices to accommodate a variety of household types and needs, 3) concentrate development around transportation nodes and along major transportation corridors to support the viability of transportation options, 4) conserve and restore the natural environment, cultural and historical resources, and traditional rural lands, 5) protect and ensure the integrity of environmental assets critical to public health and safety, and 6) promote integrated planning across all levels of government to address issues on a statewide, regional and local basis. The Town has also established a Conservation Commission and a Historic District Commission to promote the preservation of the suburban character of the Town. The Town currently has two local historic districts, and twenty-three buildings and areas listed on the National Register of Historic Places. The Town is also a member of the South Western Planning Region, which consists of the communities of Darien, Greenwich, New Canaan, Norwalk, Stamford, Weston, Westport and Wilton.

FORM OF GOVERNMENT

The Town has a Representative Town Meeting ("RTM") form of government with a Board of Selectmen and Board of Estimate and Taxation ("BET"). The Town’s home rule Charter was created by Special Act No. 377 of 1955; subsequent amendments to the Charter have occurred periodically from 1955 to 2010.

The legislative power of the Town is vested in the RTM which presently has 230 members, elected on a non-partisan basis. In addition to all power and privileges in the Charter, the inhabitants have the power and privileges conferred and granted to towns and cities under the Constitution and General Statutes of Connecticut.

The First Selectman is the Chief Executive Officer of the Town. He is an ex-officio member of all boards, commissions, and committees within the Town. The First Selectman also presides over and has full voting privileges on the three member Board of Selectmen. The Board of Selectmen appoints numerous officials as indicated on the Town's organizational chart (See "Organizational Chart" herein). A professional Town Administrator and Finance Officer/Comptroller are employed on a full- time basis.

The twelve members of the BET are elected to serve two-year terms. As policy maker of Greenwich's financial affairs, the BET meets monthly. Subject to action by the RTM, the BET passes on all budgets and recommends the tax rate.

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ORGANIZATIONAL CHART

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MUNICIPAL OFFICIALS

The current Town officials are: Term of Office Fred Camillo, First Selectman Elected 2 years Jill K. Oberlander, Selectperson Elected 2 years Lauren Rabin, Selectwoman Elected 2 years Thomas J. Byrne, Moderator, Representative Town Meeting Elected 2 years Michael S. Mason, Chair, Board of Estimate and Taxation Elected 2 years Ben Branyan, Town Administrator Appointed Indefinite Peter Mynarski, CFO/Comptroller Appointed Indefinite Roland Gieger, Budget Director Appointed Indefinite Nataliya Yemets, Treasurer Appointed Indefinite Carmella Budkins, Town Clerk Elected 2 years Heather Smeriglio, Tax Collector Elected 2 years Vincent Marino, Town Attorney Appointed Indefinite Dr. Toni Jones, Superintendent of Schools Appointed Indefinite

SUMMARY OF MUNICIPAL SERVICES

Police Protection: The Police Department is under the direction and control of the First Selectman. The Department is headed by the Chief of Police. Police protection services are provided by 154 full-time officers, 28 full-time civilian employees, 6 part- time civilian employees, 31 special police officers, and 21 regular school crossing guards.

Fire Protection: The Fire Department is under the direction and control of the First Selectman. The Fire Chief, assisted by one Assistant Chief and four Deputy Chiefs, is responsible for the administration and command of the Department. A force of 120 volunteers and 105 career fire personnel and officers provides fire protection services. There are eight fire districts in Town; six are manned by career Firefighters, one station is manned by all volunteers and one is operated on a mutual aid basis with Banksville, New York. A District Chief supervises each station.

Emergency Management: Greenwich Emergency Management is under the direction and control of the First Selectman. The Emergency Management Operations Coordinator is responsible for planning, responding, and coordinating the Town’s Emergency Operations Plan and Emergency Operation Center, through the utilization of an all hazard system and N.I.M.S. Doctrines for Emergency Management.

Sewers: The Greenwich sanitary sewer system consists of 185 miles of mains, 29 pump stations and a Waste Water Treatment Facility. The system is available to approximately 72% of properties in Town. All operational, maintenance and repair costs, are paid primarily from benefiting owners through taxation and sewer assessments. The Town assesses benefiting owners approximately 50% of the costs of sewer improvements and extensions.

Solid Waste Disposal: The Town owns and operates a municipal solid waste transfer station and recycling facility, which accepts waste generated within the Town's borders. The Town has contracted with City Carting for the transportation and final disposal of its municipal solid waste and recycling. Under the terms of the contract with City Carting, the Town paid a fixed monthly rate of $50,810.70 per month and $92.73 per ton for solid waste during fiscal year 2020. The Town will pay a fixed monthly rate of $52,843.13 and a per ton charge for solid waste of $93.66 per ton for fiscal year 2021. City Carting no longer provides the Town with a rebate for recyclables collected, due to the lack of a market for the materials. In addition, the Town of Greenwich implemented a Tipping Fee ordinance. Effective July 1, 2020, the Town will be collecting a tipping fee of $112.00 from commercial waste haulers dumping at the Town transfer station.

Housing Authority: The Housing Authority controls nearly 761 units in 15 properties, including home-ownership condominiums, scattered-site housing, various developments and Parsonage Cottage. The Housing Authority managed properties include 317 senior/handicapped units, 383 units of low/moderate income housing and Parsonage Cottage with 36 units (40 beds). There are an additional 225 private homes receiving Section 8 Housing Assistance. In addition, the Housing Authority owns Greenwich Close apartments which has 113 market rate units and 17 low income HUD units, plus 17 off-site units which are deemed affordable. The total number of residents served by Greenwich Housing Authority programs is approximately 2,574 for the current fiscal year.

Nathaniel Witherell Nursing Facility: The Town operates a 202 bed chronic and convalescent nursing facility which provides professional and rehabilitative care to the infirm elderly and other disabled persons who are primarily residents of the Town. The Town annually appropriates funding to cover expenses incurred during operation of the facility. Over eighty percent of appropriations are earmarked for personnel costs (salaries, wages, and other compensation). The Nathaniel Witherell Nursing Facility is responsible for collecting payments for services rendered directly from residents of the facility and/or from third party payment sources (Medicare, Medicaid and private insurance). The goal is to achieve a break-even net cost to the Town, reducing or eliminating the requirements of local tax subsidy. The Nursing Home did experience a small number of patient fatalities associated with the COVID-19 pandemic. However, the facility reacted promptly and imposed immediate protections to the patients and staff members. The Nursing Home continues to restrict access to the facility to outside visitors.

Public Works: The Public Works Department is comprised of several divisions including Engineering, Highway, Waste Disposal, Building Construction and Maintenance, and Building Inspection and Sewer. The Engineering Division provides a wide spectrum of engineering services including the design and inspection of drainage, bridge and traffic improvement projects. The Highway Division is responsible for the maintenance of over 265 miles of town roads, installation, operation and maintenance of all traffic signs, signals, and pavement markings in Town. The Sewer and Waste Disposal Divisions were described previously. The Building Construction and Maintenance Division is responsible for the administration, planning and execution of all construction and maintenance of Town-owned buildings except those assigned to the Board of Education. The Building Inspection Division issues permits, inspects all work associated with said permits, and is responsible for the administration and enforcement of all applicable building codes and regulations.

Parks and Recreation: The Town offers varied and extensive recreation programs at its numerous facilities. Among its facilities are 20 parks, 12 playgrounds, 4 Town beaches, 4 harbors, ferry service to town island beach facilities, 2 civic centers, a skating rink, a municipal golf course, 3 children’s summer camps, a summer music and art program, paddle tennis, tennis courts and numerous recreation fields. The Department is divided into three divisions: Recreation, Parks and Trees, and Marine and Facilities Operations.

EDUCATIONAL SYSTEM

The school system is governed by a local eight member Board of Education elected to four year staggered terms. The primary function of the Board is to establish policy. Some areas for which such policies are set include curriculum, budget request submissions, ensuring funds for education as appropriated by the Town are properly expended, implementation of both State and Federal laws, and planning for facilities needed by the system, including construction and renovation. The Town's school system consists of 15 schools located strategically throughout Town. The schools consist of 11 schools for pupils in grades K through 5, 3 middle schools for pupils in grades 6-8, and a high school for pupils in grades 9-12. In addition to the Town’s public school system, there are a total of 10 private schools in Greenwich.

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EDUCATIONAL FACILITIES Date Additions/ Enrollment School Grades Occupied Renovations 10/01/2020 Capacity Pre-School Pre-K 143 N/A Elementary New Lebanon Elem. School...... K-5 1956 1992, 1996 261 260 Old Greenwich Elem. School...... K-5 1902 1924, 1950, 1957, 1997, 1998 351 560 North Street Elem. School...... K-5 1954 1955, 1986, 1996 325 500 Riverside Elem. School...... K-5 1932 1949, 1950, 1983, 1996 445 500 North Mianus Elem. School...... K-5 1925 1952, 1973, 1980, 1996 489 460 International School @ Dundee.. K-5 1962 1974, 1998, 2000 361 320 Parkway Elem. School...... K-5 1959 1971, 1990 225 440 Cos Cob Elem. School...... K-5 1914 1924, 1929, 1960, 1982, 1992 360 480 Glenville Elem. School...... K-5 1975 1989, 2009 398 440 J. Curtiss Elem. School...... K-5 1947 1979 275 400 Hamilton Ave. Elem. School...... K-5 1915 1924, 1938, 1962, 1979, 314 400 2006 to 2009 Middle School Central Middle School...... 6-8 1958 1982, 1998 578 726 Eastern Middle School...... 6-8 1954 1961, 1982, 1998 838 814 Western Middle School...... 6-8 1963 1971, 1984 628 712 High School Greenwich High School...... 9-12 1970 1994 to 2000, 2012 to 2016 2,797 2,800 Total 8,788 9,812

Source: Office of the Superintendent of Schools.

SCHOOL ENROLLMENT

The following table presents school enrollment history: As of October 1 K - 5 6 - 8 9 - 12 Pre-K Total 2011 4,151 1,858 2,687 143 8,839 2012 4,133 1,887 2,672 146 8,838 2013 4,105 1,881 2,635 150 8,771 2014 4,156 1,923 2,570 154 8,803 2015 4,150 1,924 2,575 164 8,813 2016 4,177 1,963 2,626 162 8,928 2017 4,154 2,005 2,692 165 9,016 2018 4,060 2,074 2,809 170 9,113 2019 3,944 2,088 2,802 189 9,023 2020 3,804 2,044 2,796 144 8,788 The following table presents projected school enrollment: As of October 1 K - 5 6 - 8 9 - 12 Pre-K Total 2021 3,763 2,036 2,862 152 8,813 2022 3,707 1,996 2,928 149 8,780 2023 3,657 1,968 2,929 149 8,703 2024 3,586 1,945 2,949 149 8,629 Source: Office of the Superintendent of Schools.

MUNICIPAL EMPLOYMENT

Fiscal Year 2021 2020 2019 2018 2017 Board of Education...... 1,404 1,403 1,405 1,399 1,399 General Government..... 961 962 961 962 973

Totals 2,365 2,365 2,366 2,361 2,372

Source: Town Officials.

MUNICIPAL EMPLOYEES BY CATEGORY

Department Employees

General Government General Government...... 113 Public Safety...... 289 Public Works...... 123 Vehicle Maintenance...... 10 Health Department...... 22 Nathaniel Witherell Healthcare Facility...... 158 Social Services...... 22 Parks and Recreation...... 100 Libraries...... 71 Parking Fund...... 18 Griffith E. Harris Golf Course...... 8 Community Development...... 1 Retirement Administration...... 1 Sewer Fund...... 25 Subtotal 961

Board of Education Administration...... 12 Instruction...... 1,258 Health...... 18 Operation of Plants...... 93 Maintenance of Plants...... 11 Pupil Transportation...... 1 School Lunch Revolving Fund...... 11 Subtotal 1,404

Total Town Employees 2,365

Source: Town Officials.

MUNICIPAL EMPLOYEES BARGAINING UNITS

Contract Contract Employees Union Representation Employee Expiration General Government Secretaries/Clerical/ Greenwich Municipal Employees' Administrative...... Association (GMEA) 157 6/30/2023

Public Works/Nathaniel International Brotherhood of Teamsters (IBT) Witherell...... Local 456 306 6/30/2019 1

Professional/Managerial...... Laborers' International Union of North America (LIUNA), Local 136, AFL-CIO 192 6/30/2023

Fire Fighters...... International Association of Fire Fighters Local 1042, AFL-CIO 102 6/30/2019 1

Police Department...... Silver Shield Association, Inc. 149 6/30/2021

Public Health ...... United Public Service Employees Union Local 424 - Unit 90 3 6/30/2023

Elected Officials...... Elected/Non-Union 3 N/A

Management/Confidential.... Non-Union Management Positions 49 N/A Sub-total General Government 961

Board of Education

Administrators...... Greenwich Organization of School 55 6/30/2022 Teachers...... Greenwich Education Association 892 6/30/2023 Paraprofessionals/Security... Laborers' International Union of North America 192 6/30/2023 (LIUNA), Local 136, AFL-CIO Secretaries/Clerical/ Greenwich Municipal Employees' Administrative...... Association (GMEA) 114 6/30/2023

Facilities Operations/ International Brotherhood of Teamsters (IBT) Maintenance...... Local 456 99 6/30/2019 1

Professional/Managerial...... Laborers' International Union of North America (LIUNA), Local 136, AFL-CIO 22 6/30/2023

School Nurses...... United Public Service Employees Union Local 424 - Unit 90 18 6/30/2023

Administrators...... Non-Union School Administrators 6 N/A Management/Confidential.... Non-Union Management Positions 6 N/A Sub-total Board of Education 1,404

Grand Total 2,365

1 In negotiations.

Connecticut General Statutes Sections 7-473c, 7-474 and 10-153a to 10-153n provide a procedure for binding arbitration of collective bargaining agreements between municipal employers and organizations representing municipal employees, including certified teachers and certain other employees. The legislative body of a municipal entity may reject an arbitration panel's decision by a two-thirds majority vote. The State of Connecticut and the employees’ organization must be advised in writing of the reasons for rejection. The State then appoints a new panel of either one or three arbitrators to review the decisions on each of the rejected issues. The panel must accept the last best offer of either party. In reaching its determination, the arbitration panel gives priority to the public interest and the financial capability of the municipal employer, including consideration of other demands on the financial capability of the municipal employer. For binding arbitration, in assessing the financial capability of a municipal entity, there is an irrefutable presumption that a budget reserve of 5% or less for teachers’ contracts, and 15% or less for municipal employees contracts, is not available for payment of the cost of any item subject to arbitration. In light of the employer's financial capability, the panel considers prior negotiations between the parties, the interests and welfare of the employee group, changes in the cost of living, existing employment conditions, and the wages, salaries, fringe benefits, and other conditions of employment prevailing in the labor market, including developments in private sector wages and benefits.

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III. ECONOMIC AND DEMOGRAPHIC INFORMATION

POPULATION TRENDS Town of Fairfield State of Year Greenwich County Connecticut 1990 58,441 857,270 3,287,116 2000 61,101 882,567 3,405,565 2010 61,171 916,829 3,574,097 2017 62,782 947,328 3,594,478 2020 62,574 944,348 3,581,504 Source: U.S. Department of Commerce, Bureau of the Census, 1990 -2010; 2014-2018 American Community Survey.

AGE DISTRIBUTION OF THE POPULATION Town of Greenwich Fairfield County State of Connecticut Age Number Percent Number Percent Number Percent Under 5 ...... 3,634 5.8 52,574 5.6 184,983 5.2 5 - 9 ...... 4,838 7.7 59,389 6.3 201,006 5.6 10 - 14 ...... 4,663 7.5 64,482 6.8 224,135 6.3 15 - 19 ...... 4,139 6.6 66,790 7.1 247,182 6.9 20 - 24 ...... 2,646 4.2 59,323 6.3 245,490 6.9 25 - 34 ...... 5,334 8.5 107,787 11.4 439,848 12.3 35 - 44 ...... 7,706 12.3 119,081 12.6 427,023 11.9 45 - 54 ...... 10,911 17.4 143,949 15.2 522,138 14.6 55 - 59 ...... 4,416 7.1 69,263 7.3 266,170 7.4 60 - 64 ...... 3,753 6.0 58,291 6.2 235,949 6.6 65 - 74 ...... 5,576 8.9 78,299 8.3 327,414 9.1 75 - 84 ...... 3,338 5.3 43,213 4.6 170,979 4.8 85 and over ...... 1,620 2.6 21,907 2.3 89,187 2.5 Total ...... 62,574 100.0 944,348 100.0 3,581,504 100.0

Median Age (years) ... 42.9 40.3 40.8 Source: U. S. Bureau of the Census, American Community Survey, 2014-2018.

INCOME DISTRIBUTION Town of Greenwich Fairfield County State of Connecticut Families Percent Families Percent Families Percent Less than $10,000 ...... 297 1.8 6,002 2.5 26,021 2.9 $ 10,000 to 14,999 ..... 321 2.0 4,106 1.7 16,472 1.8 $ 15,000 to 24,999 ..... 503 3.1 8,994 3.8 38,804 4.3 $ 25,000 to 34,999 ..... 396 2.4 12,055 5.1 50,215 5.6 $ 35,000 to 49,999 ..... 825 5.1 19,394 8.2 80,042 9.0 $ 50,000 to 74,999 ..... 1,180 7.2 28,558 12.0 127,676 14.3 $ 75,000 to 99,999 ..... 1,105 6.8 25,013 10.5 118,848 13.3 $100,000 to 149,999 ... 2,352 14.4 42,794 18.0 186,154 20.8 $150,000 to 199,999 ... 1,496 9.2 27,687 11.7 105,285 11.8 $200,000 or more ...... 7,847 48.1 62,612 26.4 143,423 16.1 Total ...... 16,322 100.0 237,215 100.0 892,940 100.0

Source: U. S. Bureau of the Census, American Community Survey, 2014-2018.

INCOME LEVELS

Median Family Income Per Capita Income (2000) (2018) (2000) (2018) Town of Greenwich...... $122,719 $183,559 $74,346 $98,467 Fairfield County...... 77,690 114,461 38,350 55,613 Connecticut...... 65,521 97,310 28,766 43,056 United States...... 49,600 73,965 21,690 32,621 Source: U. S. Bureau of the Census, American Community Survey, 2014-2018.

PER CAPITA PERSONAL INCOME By Metropolitan Statistical Area, 2017 - 2019

Rank in Metropolitan Statistical Area 2017 2018 2019 2019 Midland, TX...... $ 109,131 $ 127,283 $ 128,766 1 Bridgeport-Stamford-Norwalk, CT...... 111,380 117,432 121,397 2 San Jose-Sunnyvale-Santa Clara, CA...... 99,176 108,565 114,080 3 San Francisco-Oakland-Berkeley, CA...... 93,165 100,236 104,921 4 Naples-Marco Island, FL...... 89,607 98,303 99,382 5 Boston-Cambridge-Newton, MA-NH...... 75,012 78,923 81,498 6 Sebastian-Vero Beach, FL...... 74,267 79,353 80,818 7 New York-Newark-Jersey City, NY-NJ-PA...... 73,093 76,565 79,844 8 Seattle-Tacoma-Bellevue, WA...... 69,844 74,815 78,073 9 Barnstable Town, MA...... 71,080 74,714 77,435 10

State of Connecticut...... 71,740 74,855 77,289 United States...... 52,118 54,606 56,490 Source: U.S. Bureau of Economic Analysis, November 2020.

EDUCATIONAL ATTAINMENT Years of School Completed, Age 25 & Over

Town of Greenwich Fairfield County State of Connecticut Educational Attainment Group Number Percent Number Percent Number Percent Less than 9th grade...... 937 2.2 34,004 5.3 101,068 4.1 9th to 12th grade...... 1,049 2.5 30,886 4.8 134,758 5.4 High School graduate...... 6,209 14.6 139,001 21.7 670,519 27.1 Some college - no degree...... 4,552 10.7 94,360 14.7 416,267 16.8 Associates degree...... 2,067 4.8 39,621 6.2 190,869 7.7 Bachelor's degree...... 14,086 33.0 169,677 26.4 538,924 21.7 Graduate or professional degree...... 13,754 32.2 134,241 20.9 426,303 17.2 Totals...... 42,654 100.0 641,790 100.0 2,478,708 100.0

Total high school graduate or higher.. 95.3% 89.9% 90.5% Total bachelor's degree or higher...... 65.3% 47.4% 38.9%

Source: U. S. Bureau of the Census, American Community Survey, 2014-2018.

MAJOR EMPLOYERS Estimated Number of Name of Employer Nature of Entity Employees Town of Greenwich...... Government...... 2,365 Greenwich Hospital...... Health Care Facility...... 1,786 Interactive Brokers...... Financial Services...... 1,380 AQR Capital Management ...... Investment Management Firm...... 905 Blue Sky Studios, Inc...... Producer, Animated Entertainment.. 500 Bimbo Bakeries USA...... Bakery...... 330 Icon International...... Specialized Finance Company...... 320 Brunswick School...... Private School...... 245 Hyatt Regency...... Hotel and Banquet Facility...... 230 Greenwich Woods Rehabilation...... Rehabilition Center...... 215 Whole Foods...... Supermarket...... 198 Total 8,474

Source: Town of Greenwich.

EMPLOYMENT BY INDUSTRY

Town of Greenwich Fairfield County State of Connecticut Employment Sector Number Percent Number Percen Number Percen Agriculture, Forestry, Fishing, & Mining ... 127 0.4 1,328 0.3 7,195 0.4 Construction ...... 1,660 5.8 31,378 6.6 107,331 5.9 Manufacturing ...... 1,096 3.9 37,834 8.0 190,995 10.5 Wholesale Trade ...... 1,095 3.8 12,011 2.5 44,714 2.5 Retail Trade ...... 2,059 7.2 48,231 10.1 191,939 10.6 Transportation, Warehousing & Utilities ... 776 2.7 16,784 3.5 72,806 4.0 Information ...... 898 3.2 13,347 2.8 41,839 2.3 Finance, Insurance & Real Estate ...... 6,651 23.4 56,801 11.9 164,607 9.1 Professional, Scientific & Management .... 4,125 14.5 73,725 15.5 207,632 11.5 Educational Services & Health Care ...... 5,675 19.9 109,129 22.9 479,677 26.5 Arts, Entertainment, Recreation ...... 2,153 7.6 39,472 8.3 150,852 8.3 Other Service (including nonprofit) ...... 1,702 6.0 23,870 5.0 83,686 4.6 Public Administration ...... 435 1.5 11,603 2.4 67,172 3.7 Total ...... 28,452 100.0 475,513 100.0 1,810,445 100.0

Source: U.S. Bureau of Census, American Community Survey, 2014-2018.

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UNEMPLOYMENT RATE STATISTICS (Non-seasonably adjusted) Bridgeport- Annual Town of Stamford State of United Average Greenwich Labor Market Connecticut States 2010 6.9% 8.7% 9.1% 9.6% 2011 6.9% 8.5% 8.8% 9.0% 2012 6.2% 8.0% 8.3% 8.1% 2013 5.9% 7.5% 7.8% 7.4% 2014 4.8% 6.4% 6.6% 6.2% 2015 4.2% 5.5% 5.7% 5.3% 2016 3.9% 5.0% 5.1% 4.7% 2017 3.7% 4.7% 4.7% 4.5% 2018 3.2% 4.2% 4.2% 3.9% 2019 2.9% 3.7% 3.7% 3.7%

2020 Monthly1 January 3.5% 4.5% 4.4% 4.0% February 3.3% 4.5% 4.4% 3.8% March 2.9% 4.0% 3.9% 4.5% April 5.2% 7.9% 8.0% 14.4% May 6.6% 9.5% 9.3% 13.0% June 7.6% 10.3% 10.0% 11.2% July 7.9% 10.6% 10.3% 10.5% August 6.2% 8.5% 8.2% 8.5% September 5.9% 7.9% 7.5% 7.7% October 4.2% 6.2% 5.8% 6.6%

1 According to the State of Connecticut Department of Labor, Connecticut's official unemployment rate for April through October produced by the Bureau of Labor Statistics Local Area Unemployment Statistics program continues to be impacted by pandemic related survey data problems. Data collection and misclassification issues in the Census Bureau's Current Population Survey, the foundation of the state's residential labor force statistics, continue to cause residential unemployment to be underestimated. The Bureau of Labor Statistics is working to overcome this problem.

Source: State of Connecticut, Department of Labor; United States Department of Labor, Bureau of Labor Statistics.

NUMBER OF DWELLING UNITS % Increase % Increase 2018 2000 1990 1980 2000-2018 1980-2018 24,234 24,511 23,515 22,303 -1.1% 8.7%

Source: U. S. Bureau of Census.

CHARACTERISTICS OF HOUSING UNITS (Owner Occupied) Town of Greenwich Fairfield County State of Connecticut Value of Owner Occupied Units Number Percent Number Percent Number Percent Less than $50,000 ...... 138 0.9 4,667 2.0 21,254 2.3 $ 50,000 to $ 99,999 ...... 48 0.3 4,269 1.9 29,211 3.2 $ 100,000 to $149,999 ...... 98 0.7 7,458 3.3 81,446 9.0 $ 150,000 to $199,999 ...... 110 0.8 14,247 6.2 139,715 15.4 $ 200,000 to $299,999 ...... 327 2.2 35,628 15.5 245,801 27.1 $ 300,000 to $499,999 ...... 914 6.3 70,033 30.6 240,706 26.5 $ 500,000 to $999,999 ...... 3,955 27.1 58,959 25.7 106,993 11.8 $1,000,000 and over ...... 9,011 61.7 33,908 14.8 42,008 4.6 Total ...... 14,601 100.0 229,169 100.0 907,134 100.0

Median Value ...... $1,278,000 $422,300 $272,700 Source: U.S. Bureau of Census, American Community Survey, 2014-2018.

AGE DISTRIBUTION OF HOUSING

Town of Greenwich Fairfield County State of Connecticut Year Structure Built Number Percent Number Percent Number Percent Built 2014 or later...... 260 1.1 4,071 1.1 10,251 0.7 Built 2010 to 2013...... 407 1.7 7,425 2.0 19,181 1.3 Built 2000 to 2009...... 1,930 8.0 25,477 6.9 103,632 6.9 Built 1990 to 1999...... 1,501 6.2 25,778 6.9 115,459 7.6 Built 1980 to 1989...... 2,138 8.8 41,146 11.1 191,306 12.6 Built 1970 to 1979...... 2,683 11.1 47,877 12.9 201,360 13.3 Built 1960 to 1969...... 3,156 13.0 55,175 14.9 206,299 13.6 Built 1950 to 1959...... 3,822 15.8 57,427 15.5 222,628 14.7 Built 1940 to 1949...... 1,804 7.4 28,198 7.6 104,394 6.9 Built 1939 or earlier..... 6,533 27.0 78,425 21.1 337,795 22.3 Total...... 24,234 100.0 370,999 100.0 1,512,305 100.0

Source: U.S. Bureau of Census, American Community Survey, 2014-2018.

BUILDING PERMITS

Residential Industrial/Commercial Total Fiscal Year Number Number of Ending Permits Val ue Permits Val ue Permit Val ue 2021 1 360 $ 71,222,275 221 $58,933,473 581 $130,155,748 2020 1,099 207,098,844 548 113,666,015 1,647 320,764,859 2019 1,377 235,377,452 762 140,922,288 2,139 376,299,740 2018 1,480 295,584,879 790 96,204,511 2,270 391,789,390 2017 1,382 283,211,963 941 126,505,961 2,323 409,717,924 2016 1,344 292,503,174 815 107,763,249 2,159 400,266,423 2015 1,485 259,126,846 820 85,890,989 2,305 345,017,835 2014 1,432 281,683,005 854 127,279,078 2,286 408,962,083 2013 1,302 173,426,545 816 100,498,354 2,118 273,924,899 2012 1,045 185,982,489 744 98,399,597 1,789 284,382,086 1 As of October 31, 2020. Source: Town Officials; Building Inspector's Office. 25

IV. TAX BASE DATA

ASSESSMENT PRACTICES

In accordance with State law, the Town last completed a general revaluation of real property as of October 1, 2015, which was effective for fiscal year 2016-17. Connecticut General Statutes Section 12-62, as amended in 2006, requires a revaluation every five years and requires the assessor to fully inspect each parcel, including measuring or verifying the exterior dimensions of a building and entering and examining the interior of the building, once every ten assessment years. The maintenance of an equitable tax base and the location and appraisal of all real and personal property within the Town for inclusion onto the Grand List are the responsibilities of the Assessor's Office. The Grand List represents the total assessed values for all taxable real and personal property and motor vehicles located within the Town on October 1. Each year, a Board of Assessment Appeals determines whether adjustments to the Assessor's list on assessments under appeal are warranted. Assessments for real property are computed at 70% of the estimated market value at the time of the last general revaluation.

When a new structure, or modification to an existing structure, is undertaken, the Assessor's Office receives a copy of the permit issued by the Building Official. A physical appraisal is then completed and the structure classified and priced from a schedule developed at the time of the last general revaluation. The property depreciation and obsolescence factors are also considered when arriving at an equitable value.

All personal property (furniture, fixtures, equipment, and machinery) is revalued annually. An Assessor's check and audit is completed periodically. Assessments for personal property are computed at 70% of present value.

Motor vehicle lists are furnished to the Town by the State of Connecticut and appraisals of motor vehicles are accomplished in accordance with an automobile price schedule developed by the Connecticut Association of Assessing Officials. Section 12-7b of the Connecticut General Statutes as amended provides that motor vehicles which are registered with the Commissioner of Motor Vehicles after the October 1 assessment date but before the next July 1, are subject to a property tax as if the motor vehicle had been included on the October 1 Grand List. The tax is prorated, and the pro-ration is based on the number of months of ownership between October 1 and the following July 1. Cars purchased in August and September are not taxed until the next October 1 Grand List. If the motor vehicle replaces a motor vehicle that was taxed on the October 1 Grand List, the taxpayer is entitled to certain credits. Assessments for motor vehicles are computed at 70% of the annual appraisal of market value.

PROPERTY TAX COLLECTION PROCEDURE

Real estate property taxes for the fiscal year are paid on the grand list of the prior October 1, and are due July 1, payable in two installments, one-half on July 1 and one-half on January 1. Personal property and motor vehicle taxes are payable in one installment on July 1, with motor vehicle supplemental bills payable on January 1. Payments not received by August 1 and February 1 become delinquent and are subject to interest at the rate of 1.5% per month (18% per annum) for all delinquent property taxes. In accordance with State law, the oldest outstanding tax is collected first. Outstanding real estate tax accounts are liened each year prior to June 30 with legal demands and alias tax warrants used in the collection of personal property and motor vehicle tax bills. Delinquent motor vehicle and personal property accounts are transferred to a suspense account after three years at which time they cease to be carried as receivables. Real estate accounts are transferred to suspense 15 years after the due date in accordance with State statutes.

MOTOR VEHICLE PROPERTY TAX RATE

Connecticut General Statutes Section 12-71e, as amended, allows municipalities to tax motor vehicles at a different rate than other taxable property, but caps the motor vehicle tax rate at 39.00 mills for the assessment year commencing October 1, 2016, and 45.00 mills for the assessment year commencing October 1, 2017, and each assessment year thereafter. Section 4-66l of the General Statutes, as amended, diverts a portion of State collected sales tax revenue to provide funding to municipalities to mitigate the revenue loss attributed to the motor vehicle property tax cap. The Town’s motor vehicle tax rates for the current 2019 assessment year (the fiscal year ending June 30, 2021) is 11.59 mills.

COVID-19

On December 16, 2020, Governor Lamont issued Executive Order 9R, which, among other things, calls for Connecticut municipalities, to offer to eligible taxpayers impacted by COVID-19 one or both of the following tax relief programs: a 90 day Deferment Program or a 90 day Low Interest Rate Program. Please see the discussion on pages 6-8 of this Official Statement under the caption Municipal Tax Relief Programs.

PROPERTY TAX LEVIES AND COLLECTIONS

Fiscal Collected Uncollected Taxes Grand Year Total End of End of Year List of Ending Net Taxable Tax Rate Property Each Adjusted As of Oct. 1 6/30 Grand List (In Mills) Tax Levy Fiscal Year Balance 6/30/2020 2019 1 2021 1 $33,438,497,489 11.590 $387,564,000 In process In process In process 2018 2020 33,102,411,425 11.682 385,143,990 99.3 % $3,293,229 $3,293,229 2017 2019 32,901,340,544 11.369 373,512,848 99.3 3,137,495 1,270,983 2016 2018 32,636,596,124 11.369 371,316,311 99.4 2,290,381 547,729 2015 2 2017 2 32,320,377,361 11.202 362,287,824 99.3 2,705,436 62,950 2014 2016 31,108,370,652 11.271 350,302,617 99.3 2,528,048 507,480 2013 2015 30,955,949,595 10.969 338,822,823 98.9 2,862,165 370,466 2012 2014 30,824,751,610 10.675 328,586,523 99.0 3,578,548 342,791 2011 2013 30,687,336,735 10.389 318,333,815 99.3 2,873,228 319,094 2 2 2010 2012 30,375,215,177 10.111 306,729,797 99.3 2,292,977 237,566 1 Adopted budget. 2 Revaluation. Source: Tax Collector’s Office, Town of Greenwich.

TAXABLE GRAND LIST

Board of Grand Net Net Net Assessment Adjusted List Real Estate Personal Motor Net Taxable Appeals Adj./ Net Taxable Dated Property Property Property Grand List Exemptions Grand List 10/01/19 $31,986,949,038 $675,545,610 $824,158,450 $33,486,653,098 $48,155,609 $33,438,497,489 10/01/18 31,725,609,326 631,993,640 814,501,914 33,172,104,880 69,693,455 33,102,411,425 10/01/17 31,520,170,762 639,594,080 816,454,965 32,976,219,807 74,879,263 32,901,340,544 10/01/16 31,247,476,178 634,163,640 796,801,566 32,678,441,384 41,845,260 32,636,596,124 10/01/15 1 31,073,982,404 632,691,990 784,116,667 32,490,791,061 170,413,700 32,320,377,361 10/01/14 29,742,595,878 633,792,740 772,886,594 31,149,275,212 40,904,560 31,108,370,652 10/01/13 29,583,885,305 633,707,190 768,121,640 30,985,714,135 29,764,540 30,955,949,595 10/01/12 29,506,955,500 642,520,750 738,679,540 30,888,155,790 63,404,180 30,824,751,610 10/01/11 29,367,876,100 642,592,395 744,522,820 30,754,991,315 67,654,580 30,687,336,735 1 10/01/10 29,167,960,340 616,117,997 695,397,640 30,479,475,977 104,260,800 30,375,215,177 1 Revaluation. Source: Assessor’s Office, Town of Greenwich.

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TEN LARGEST TAXPAYERS1

Grand List Percent Name of Tax Payer Nature of Property Amount Rank of Total Greenwich Plaza Incorporated...... Land Development Company... $194,618,270 1 0.58% Pickwick Properties LLC...... Mixed Use - Office & Retail... 151,200,000 2 0.45% Greenwich American Incorporated...... Office Building...... 134,120,700 3 0.40% GRC Realty Corporation...... Office Building...... 105,427,140 4 0.32% Greenwich Park LLC...... Office Building...... 98,000,070 5 0.29% Railroad Properites LLC...... Office Building...... 95,770,990 6 0.29% 100 West Putnam Owner LLC...... Apartment Building...... 90,343,120 7 0.27% 33 Benedict Place LLC - Willet Company... Real Estate Corporation...... 71,340,080 8 0.21% Greenwich Place L/CAL - LLC...... Office Building...... 66,349,500 9 0.20% Putnam Hill Apartments Inc...... Appartment Rentals...... 59,798,900 10 0.18% Total...... $1,066,968,770 3.19%

Source: Assessor’s Office, Town of Greenwich

EQUALIZED NET GRAND LIST

Grand List Equalized Net % of 10/1 Grand List Growth 2018$ 49,305,412,148 -2.20% 2017 50,416,714,165 3.74% 2016 48,596,792,470 5.24% 2015 46,177,528,894 -7.70% 2014 50,031,483,545 2.67% 2013 48,731,135,496 6.78% 2012 45,635,509,076 7.96% 2011 42,269,356,545 -2.56% 2010 43,381,228,410 -1.48% 2009 44,032,314,926 0.17% Source: Assessor’s Office, Town of Greenwich

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V. FINANCIAL INFORMATION

FISCAL YEAR

The Town’s fiscal year begins July 1 and ends June 30.

ACCOUNTING POLICIES

The Town's accounting policies are summarized in Note 1 "Summary of Significant Accounting Policies" in the Notes to the Financial Statements.

BASIS OF ACCOUNTING

See Note 1 "Measurement Focus, Basis of Accounting and Financial Statement Presentation" in the Notes to the Financial Statements (Appendix A).

ANNUAL AUDIT

The Town has engaged outside independent auditors, RSM US LLP, of New Haven, Connecticut. The most recently completed audit report covers the fiscal year ended June 30, 2020. Included in this Official Statement and made a part hereof as Appendix A are the "Financial Statements of the Town of Greenwich, Connecticut" as of June 30, 2018. Appendix A includes the auditor’s opinion on the general purpose financial statements and does not include all schedules, management letter or supplemental schedules from the complete audit report.

Certificate of Achievement for Excellence in Financial Reporting - The Town has received a Certificate of Achievement for Excellence in Financial Reporting from the Government Finance Officers Association ("GFOA") of the United States and Canada for its comprehensive annual financial reports for fiscal years ended June 30, 1960 through 2019. To be eligible for the award, financial reports must include general purpose financial statements presented in conformity with GAAP, and have been audited in accordance with generally accepted audit standards. The report also contains a wide variety of information useful in evaluating the financial condition of a government and conforms to certain generally accepted terminology and formatting standards established for the Certificate Program. The Town will submit its comprehensive annual financial report for fiscal year ended June 30, 2020 to the GFOA to determine its eligibility for another certificate.

BUDGETARY PROCEDURES

All annual budgets are recommended by the Board of Selectmen and the Board of Estimate and Taxation ("BET") for approval by the Representative Town Meeting ("RTM"). The BET is authorized to approve all inter-departmental budget transfers that do not increase the operating budget. Additional appropriations greater than $5,000 are recommended by the BET for RTM approval. The Board of Selectmen has the authority to approve appropriations less than this amount.

The budget calendar requires the Board of Selectmen and Board of Education to file their budgets with the BET on or before December 1.

On or before April 10, the BET holds one or more public hearing for taxpayers' comments. The BET subsequently reviews the requests.

During the budget reviews the BET meets in special session as frequently as twice a week. Under normal conditions and per Town Charter, on or before May 5, the BET files its recommended budget and approximate tax rate with the Town Clerk for action by the RTM. The RTM then meets on or before May 15 to act on the budget. The RTM may decrease the budget recommended by the BET, but it does not have the power to increase it. The Town was impacted by the COVID-19 pandemic and was allowed, per the Governor’s Executive Order No. 7C, to adopt the budget at a later date. The RTM adopted the budget for the fiscal year ending June 30, 2021 on June 8, 2020.

Connecticut Governor’s Executive Orders Impacting Municipal Budget Adoption Procedures for Fiscal Year 2020-21

On March 15, 2020 and March 21, 2020, Governor Lamont issued emergency Executive Orders No. 7C and 7I, which permit adjustment of the budget adoption process in response to COVID-19 public health concerns. The Town Council was required by the Executive Orders to comply with certain public meeting requirements set forth in the Connecticut Governor’s emergency Executive Order No. 7B and to take all reasonable steps to publicize the draft municipal budget for the fiscal year and receive public comment thereon, including but not limited to, publishing draft budgets on the Town website and providing an email 29 address or other means for the public to submit timely comments on the proposed budget. The RTM complied with all such requirements and adopted the Town’s Fiscal Year 2020-21 budget on June 8, 2020.

EMPLOYEE PENSION SYSTEMS

The Town contributes to a single employer, contributory defined benefit pension plan (the "Town Plan") covering certain Town employees (except teachers) and non-certified Board of Education employees. Certain employees of the Town regularly employed on a permanent full-time basis (excluding teachers) and certain paid full-time elected officials are covered by the Town Plan with the exceptions of employees listed herein. The Town Plan provides retirement benefits as well as death and disability benefits. Under the provisions of the system benefit formula, eligibility, retirement ages and vesting vary between police, fire and other covered employees (See Appendix A "Audited Financial Statements" herein).

The Town is also responsible for the administration of the Police Benefit Fund ("PBF"). Certain retired police officers who were in town service prior to January 1, 1953 participate in the PBF; however, no new members are allowed to participate. The last active member retired on August 1, 1981. The PBF pension trust is considered immaterial; therefore no actuarial or other information is disclosed.

The Town first implemented Government Accounting Standards Board's (GASB) Statement No. 67 regarding the financial reporting of its pension plans effective Fiscal Year ending June 30, 2014. In accordance with GASB Statement No. 67, the net position is based on the fair market value as of the end of the fiscal year and the total pension liability is based on the actuarial assumptions as of the prior valuation date updated to the end of the fiscal year. The components of the net pension liability of the Town Plan were as follows:

June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 Total pension liability...... $648,235,976 $619,773,337 $578,617,723 $563,002,974 $548,971,246 Plan fiduciary net postion... 492,413,033 493,976,278 474,597,158 438,448,693 385,271,718

Net pension liability...... $155,822,943 $125,797,059 $104,020,565 $124,554,281 $163,699,528 Plan fiduciary net position as a % of total pension liability...... 76.0% 79.7% 82.0% 77.9% 70.2%

The following represents the net pension liability of the Town Plan, calculated using the current discount rate, as well as what the Town's net pension liability would be if it were calculated using a discount rate that is 1 percentage point lower or 1 percentage point higher than the current rate:

Current 1% Decrease Discount Rate 1% Increase (5.50%) (6.50%) (7.50%) Town's Net Pension Liability.... $ 230,680,244 $ 155,822,943 $ 88,448,044 Ratio of plan net position to total pension liability...... 68.1% 76.0% 84.8%

An actuarial valuation is prepared annually and the Town’s most recent actuarial valuation is dated of July 1, 2020. As the result of a change to the Police contract in October, 2018, a benefit change to provide a contractual cost-of-living-adjustment (COLA) for future Police retirees was implemented. The benefit change increased the plan’s Actuarial Accrued Liability by approximately $3.3 million and the pension board elected to amortize that increase over 5 years. According to the July 1, 2020 valuation, the Market Value of Assets decreased from $496.6 million at July 1, 2019 to $492.4 million at July 1, 2020. The investment rate of return for the year was 1.1%. The Actuarial Value of Assets increased from $481.9 million at July 1, 2019 to $504.3 million at July 1, 2020 and the Actuarial Accrued Liability increased from $629.8 million at July 1, 2019 to $662.4 million at July 1, 2020. For the July 1, 2020 the Town decreased the discount rate from 6.5% to 6.25% and the Actuarial Determined Employer Contribution for FY 2021-22 increased from $26.1 million to $28.3 million.

The following presents historical information regarding the pension systems funding progress.

Schedule of Funding Progress

(Over-funded) Actuarial Actuarial (Overfunded) Accrued Actuarial Actuarial Accrued Actuarial Estimated Liability as a Valuation Val ue Liability Accrued Funded Covered Percentage of Date of Assets (AAL) Liability Ratio Payroll Covered Payroll July 1, 2020 $504,309,267 $662,441,884 $158,132,617 76.1% $59,919,918 263.9% July 1, 2019 481,883,559 629,811,932 147,928,373 76.5 67,132,342 220.4 July 1, 2018 461,386,141 599,140,838 137,754,697 77.0 64,074,478 215.0 July 1, 2017 433,564,262 561,236,996 127,672,734 77.3 65,386,681 195.3 July 1, 2016 406,766,667 545,322,570 138,555,903 74.6 67,319,838 205.8

Schedule of Employer Contributions Actuarially Year Determined Actual Percentage Ended Contribution Contribution Contributed 2021 1 $26,081,591 $26,100,000 100.1% 2020 23,715,726 23,716,000 100.0 2019 21,136,000 21,136,000 100.0 2018 21,932,000 21,932,000 100.0 2017 22,020,736 22,021,000 100.0 1 Adopted budget.

Teachers participate in a contributory defined benefit plan established under Chapter 167a of Connecticut General Statutes and administered by the Connecticut State Teachers' Retirement Board. Certain certified teachers are eligible to participate in the plan and are required to contribute 7.25% of their annual earnings. Neither the Board of Education nor the Town contributes to the plan. The State of Connecticut is legally responsible for making contributions to the plan.

Teachers are eligible to receive normal retirement benefits if they have attained age sixty and have accumulated twenty years of credited service in the public schools of Connecticut or have attained any age and have accumulated thirty-five year of credited service, at least twenty-five of which were served in the public schools of Connecticut. The State of Connecticut contributes amounts based on actuarial estimates. The financial statements of the plan are available from the Connecticut State Teachers’ Retirement Board, 21 Grand Street, Hartford, CT 06105. For further information regarding the Town or Teachers' plans, see Appendix A, "Audited Financial Statements", herein.

The Town has negotiated with certain bargaining units the mandatory participation of new employees hired after certain dates in a Defined Contribution 401(a) Plan (the "DC Plan"). The effective dates of participation in the DC Plan are as follows: (a) Greenwich Municipal Employees Association (GMEA) and the International Brotherhood of Teamsters (IBT) Unions employees hired on or after July 1, 2005; (b) Elected Officials and non-union Management/Confidential employees hired on or after September 1, 2006; (c) Laborers' International Union of North America (LIUNA) employees hired on or after November 1, 2008; (d) American Federation of State, County and Municipal Employees (AFSCME) nurses hired on or after February 1, 2009 and the Police Silver Shield Association employees hired on or after January 1, 2019. The Town and plan members are both required to make contributions. Immediately upon commencing participation in the DC Plan, each participant shall contribute 5% of their base pay to the plan and the Town shall contribute an additional 5%. Participants are always 100% vested in their employee contribution account. Participants interest in employer contributions are vested after 5 years of service.

OTHER POST-EMPLOYMENT BENEFITS

The Town provides post-retirement benefits including current and future health and life insurance for certain employees. To provide these benefits, the Town administers the Retiree Medical and Life Insurance Plan (the "RMLI Plan"), a single-employer defined benefit healthcare plan. Benefit provisions are established through negotiations between the Town and the various unions

31 representing the employees. As of July 1, 2019, there were a total of 2,409 active and retired participants covered by the RMLI Plan.

The Town has reserved assets to provide post-retirement benefits and those benefits are reported in the Other Post-Employment Benefits Fund, a special revenue fund. An actuarial valuation is made annually to determine whether the contributions are sufficient to meet the plan obligations. The contribution requirements of plan members and the Town are negotiated with the various unions representing the employees. Retired plan members and beneficiaries currently receiving benefits are required to contribute specified amounts monthly towards the cost of health insurance premiums. For the year ended June 30, 2019, plan members contributed $1.7 million. The Town is required to contribute the balance of current premium costs and may contribute an additional amount as determined by the Town to pre-fund benefits.

Prior to fiscal year 2001, the Town had reported assets and liabilities for post-retirement benefits in its internal service fund. In fiscal year 2001, the Town transferred assets accumulated for fund post-retirement liabilities to a special revenue fund. Since that time, the Town has been reporting the accrued liability for post-retirement liabilities in its financial statements and has performed an actuarial valuation annually. On December 10, 2007, the Representative Town Meeting voted to create a trust fund whereby employer contributions to the plan are irrevocable, plan assets are dedicated to providing benefits to plan members, and plan assets are legally protected. (See Appendix A – "Audited Financial Statements" Note 13 for more information regarding Other Post-Employment Benefits.)

For fiscal year 2016-17, the Town implemented Government Accounting Standards Board's ("GASB") Statement No. 74. In accordance with GASB Statement No. 74, the net position is based on the fair market value as of the end of the fiscal year and the total OPEB liability is based on the actuarial assumptions as of the prior valuation date updated to the end of the fiscal year. The components of the net OPEB liability of the Town were as follows:

June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 Total OPEB liability...... $ 55,581,903 $ 55,234,679 $ 59,143,951 $ 69,364,221 Plan fiduciary net postion...... 29,316,148 27,647,852 24,952,974 21,246,174

Net OPEB liability...... $ 26,265,755 $ 27,586,827 $ 34,190,977 $ 48,118,047 Plan fiduciary net position as a % of total OPEB liability... 52.7% 50.1% 42.2% 30.6%

The following represents the net OPEB liability of the Town, calculated using a discount rate that are 1 percentage point lower or 1 percentage point higher than the current discount rate:

Current 1% Decrease Discount Rate 1% Increase (6.00%) (7.00%) (8.00%) Town's Net OPEB Liability...... $ 29,516,033 $ 26,265,755 $231,478,032 Ratio of plan net position to total pension liability...... 50% 53% 56%

The following represents the net OPEB liability of the Town, calculated using healthcare cost trend rates that are 1 percentage point lower or 1 percentage point higher than the current healthcare cost trend rate:

Current 1% Decrease Trend Rate 1% Increase (3.50%) (4.50%) (5.50%) Town's Net OPEB Liability...... $ 19,813,816 $ 26,265,755 $ 33,872,576 Ratio of plan net position to total pension liability...... 60% 53% 46%

The following presents historical information regarding the post-employment benefit funding progress. The Town’s most recent complete actuarial valuation was effective July 1, 2019. Starting in July 1, 2016 certain Board of Education and Town bargaining units and associated retirees were offered coverage through the Connecticut Partnership Plan 2.0, a multi-employer healthcare

32 plan administered by the State of Connecticut’s Office of the Comptroller. Transition to the Connecticut Partnership Plan has significantly reduced the cost of retiree healthcare for the Town.

Schedule of Funding Progress (Over-funded) Actuarial Actuarial (Overfunded) Accrued Actuarial Actuarial Accrued Actuarial Estimated Liability as a Valuation Val ue Liability Accrued Funded Covered Percentage of Date of Assets (AAL) Liability Ratio Payroll Covered Payroll July 1, 2020 $29,903,193 $63,518,049 $ 33,614,856 47.1% $199,179,494 16.9% July 1, 2019 27,405,520 56,400,262 28,994,742 48.6 198,591,018 14.6 July 1, 2018 24,364,105 55,966,178 31,602,073 43.5 198,787,331 15.9 July 1, 2017 20,275,951 60,031,637 39,755,686 33.8 191,311,358 20.8 July 1, 2016 17,631,408 70,597,698 52,966,290 25.0 186,191,103 28.4

Schedule of Employer Contributions

Fiscal Actuarially Year Determined Actual Percentage Ended Contribution Contribution Contributed 2021 1 3,447,343$ $ 3,450,000 100.1% 2020 3,597,737 3,598,000 100.0 2019 4,351,643 4,737,251 108.9 2018 5,429,910 5,430,000 100.0 2017 6,280,533 6,281,000 100.0 1 Adopted budget.

INVESTMENT POLICIES AND PROCEDURES

The investment and credit risk policies of the Town conform to policies under the Town Charter and Connecticut General Statutes Sections 7-400 and 7-402. The Town policy allows investments in the following: (1) obligations of the United States and its agencies; (2) highly rated obligations of any state of the United States or of any political subdivision, authority or agency therefore; and (3) shares or other interests in custodial arrangements or pools maintaining constant net asset values and in highly rated no-load open end money market and mutual funds (with constant or fluctuating net asset values) whose portfolios are limited to obligations of the United States and its agencies, and repurchase agreements fully collateralized by such obligations. The Statutes (Sections 3-24f and 3-27f) also provide for investment in shares of the Connecticut Short Term Invest Fund.

Other provisions of the Statutes cover specific municipal pension and other post-employment benefit obligation trust funds with particular investment authority and do not specify permitted investments. Therefore, investment of such funds is generally controlled by the laws applicable to fiduciaries (i.e., prudent person rule) and the provision of the applicable plan. The Town's approved policies target an asset mix to provide the probability of meeting or exceeding the return objectives at the lowest possible risk. The Town has set asset allocation parameters, as follows: Pension Funds OPEB Funds Asset Class Allocation % Range Allocation % Range Equities ...... 25% - 65% 20% - 80% Fixed Income ...... 0% - 36% 20% - 80% Alternatives ...... 6% - 40% 0% - 20% Cash or Near-Term Investments .... 0% - 10% 0% - 60%

The Town has a five member Retirement Board (the "Board") which serves as trustee of the Town of Greenwich Retirement System (the "Town Plan"). The Board membership consists of: 1) Comptroller; 2) two citizens of the Town not eligible for membership in the Town Plan who are appointed by a committee composed of the First Selectman, the Moderator of the Representative Town Meeting and the Chairman of the Board of Estimate and Taxation; and 3) two employee-members elected by the membership of the Town Plan. The Board is responsible for the investment of the assets of the Town Plan and the Board 33 authorizes the engagement of the services of professional investment managers who accept full fiduciary responsibility and possess the necessary specialized research facilities and skills to manage a particular asset class(es). The Board retains money managers in the follow categories: (1) Domestic Equity; (2) Domestic Fixed Income; (3) International Equity; (4) Global Fixed Income; (5) Real Estate Investment; and (6) Alternative Assets.

PROPERTY TAX REVENUES Property Taxes General Fund Revenues as a % of Fiscal Revenues & Property Tax General Fund Year Transfers Revenues Revenues & 2021 1 $448,381,253 $ 384,880,883 85.8% 2020 458,811,357 385,892,180 84.1 2019 431,682,944 372,451,547 86.3 2018 447,892,685 372,549,622 83.2 2017 440,633,521 362,243,704 82.2 2016 418,616,764 350,698,456 83.8 2015 407,968,987 338,909,392 83.1 2014 397,016,757 328,529,917 82.7 2013 377,462,918 318,769,702 84.5 2012 364,896,400 306,616,555 84.0 1 Adopted budget, budgetary basis, does not include on-behalf payments to the Connecticut State Teachers' Retirement System. Source: Annual audited financial statements; fiscal year 2020-21 adopted budget.

INTERGOVERNMENTAL REVENUES Intergovernmental General Fund Revenue as a % Fiscal Revenues & Intergovernment of General Fund Year Transfers Revenues Revenues & Transfers 2021 1 $448,381,253 $ 19,100,000 4.3% 2020 458,811,357 35,955,335 7.8 2019 431,682,944 19,886,280 4.6 2018 447,892,685 38,060,209 8.5 2017 440,633,521 38,170,719 8.7 2016 418,616,764 29,010,055 6.9 2015 407,968,987 32,596,244 8.0 2014 397,016,757 32,376,036 8.2 2013 377,462,918 26,543,729 7.0 2012 364,896,400 27,425,341 7.5 1 Adopted budget, budgetary basis, does not include on-behalf payments to the Connecticut State Teachers' Retirement System. Source: Annual audited financial statements; fiscal year 2020-21 adopted budget.

MUNICIPAL BUDGET EXPENDITURE CAP

Connecticut General Statutes Section 4-66l, as amended ("Section 4-66l"), creates certain disincentives on increasing adopted budget expenditures for municipalities in Connecticut. Beginning in fiscal year 2018, the Office of Policy and Management ("OPM") must reduce the amount of the municipal revenue sharing grant for those municipalities whose increase in its adopted budget expenditures, with certain exceptions, exceeds the previous fiscal year by 2.5% or more or the rate of inflation, whichever is greater (the “expenditure cap”). The reduction to the municipal revenue sharing grant will generally equal 50 cents for every dollar by which the municipality’s adopted budget exceeds the expenditure cap. A municipality whose population increased from the previous fiscal year, as determined by OPM, may increase its adopted budget expenditures over the expenditure cap by an amount proportionate to its population growth. Section 4-66l requires each municipality to annually certify to the Secretary of OPM whether the municipality has exceeded the expenditure cap, and if so, the amount by which the expenditure cap was exceeded. For fiscal years ending June 30, 2021, the Town does not expect to receive a municipal revenue sharing grant. 34

Under Section 4-66l, municipal spending does not include expenditures: (i) for debt service, special education, or costs to implement court orders or arbitration awards; (ii) associated with a major disaster or emergency declaration by the President or disaster emergency declaration issued by the Governor under the civil preparedness law; (iii) for any municipal revenue sharing grant the municipality disburses to a district; or (iv) budgeting for an audited deficit, non-recurring grants, capital expenditures or payments on unfunded pension liabilities.

COMPARATIVE GENERAL FUND OPERATING STATEMENT Budget and Actual (Budgetary Basis)

Fiscal Year 2019-20 Variance FY 2020-21 Final Favorable Adopted REVENUES Budget Actual (Unfavorable) Budget Property taxes...... $384,085,985 $385,892,180 $ 1,806,195 $384,880,883 Licenses and permits...... 5,138,678 4,703,715 (434,963) 4,161,305 Fines, forfeitures and penalties...... 1,633,500 1,191,392 (442,108) 1,649,000 Use of money and property...... 2,572,820 3,803,347 1,230,527 1,336,420 Intergovernmental revenue...... 224,330 4,334,792 4,110,462 32,538 Charges for current services...... 13,473,411 12,555,225 (918,186) 15,010,969 Other revenues...... 8,205,374 8,756,755 551,381 8,380,627 TOTAL REVENUES...... 415,334,098 421,237,406 5,903,308 $415,451,742

EXPENDITURES Current: General government...... 21,897,135 20,536,855 1,360,280 $ 21,444,336 Public safety...... 38,094,296 36,932,659 1,161,637 38,094,296 Public works...... 24,203,919 22,636,180 1,567,739 24,015,189 Health...... 2,519,153 2,418,898 100,255 2,502,486 External Operations...... 6,016,944 6,014,936 2,008 6,016,944 Human services...... 3,936,485 3,837,318 99,167 3,936,485 Schools...... 163,525,144 161,376,390 2,148,754 163,364,192 Libraries...... 11,425,961 11,122,961 303,000 11,468,113 Parks and recreation...... 11,390,200 10,887,745 502,455 11,330,444 Fixed charges...... 101,662,226 91,580,293 10,081,933 106,388,768 Debt Service...... 44,100,000 44,065,678 34,322 45,720,000 TOTAL EXPENDITURES...... 428,771,463 411,409,913 17,361,550 434,281,253

Excess (deficiency) of revenues over expenditures...... (13,437,365) 9,827,493 23,264,858 (18,829,511)

Other financing sources (uses): Use of assigned fund balance...... 15,278,810 - (15,278,810) 19,100,000 Premium on bonds...... 4,282,694 4,282,694 - 4,427,530 Transfers in...... 9,125,000 3,372,476 (5,752,524) 9,401,981 Transfers out...... (15,917,000) (15,917,000) - (14,100,000) Total financing sources (uses)...... 12,769,504 (8,261,830) (21,031,334) 18,829,511

Excess (deficiency) of revenues, and other financing sources over (under) expenditures and other financing uses.. $ (667,861) $ 1,565,663 $ 2,233,524 $ -

Source: Town annual audited financial statements; annual budgets; Town officials.

COMPARATIVE GENERAL FUND BALANCE SHEET Summary of Assets and Liabilities (GAAP Basis)

Fiscal Year Ended: 2016 2017 2018 2019 2020

Assets Cash and cash equivalents...... $114,972,735 $100,582,183 $ 79,216,694 $ 65,846,909 $ 68,053,026 Investments...... - - 10,012,690 20,511,422 23,383,694 Receivables: Property taxes...... 5,364,085 5,722,240 6,090,413 6,247,056 6,702,914 Accounts receivable...... 2,983,753 1,648,704 1,055,656 995,945 2,148,586 Due from housing authority...... 660,947 634,912 606,939 578,685 550,147 Due from other funds...... 23,633,339 12,753,662 - 17,143,740 18,436,231 Total Assets...... $147,614,859 $121,341,701 $ 96,982,392 $111,323,757 $119,274,598

Liabilities Accounts payable...... $ 4,876,481 $ 3,973,563 $ 5,880,889 $ 6,157,058 $ 6,118,980 Accrued liabilities...... 8,623,367 9,094,706 9,299,339 8,966,155 9,868,889 Deposits held for other...... 3,958,989 4,365,239 4,617,848 4,417,561 4,321,041 Due to other funds...... 30,079,531 22,180,904 5,599,382 18,047,360 19,580,863 Unearned revenues...... 115,465 121,385 53,550 53,605 - Total Liabilities...... 47,653,833 39,735,797 25,451,008 37,641,739 39,889,773

Deferred Inflows of Resources Advance tax collections...... 38,793,182 21,322,155 6,518,940 5,217,208 4,447,271 Unavailable revenue...... 4,993,016 5,566,165 5,021,876 5,648,421 6,267,969 Total Deferred Inflows of Resources...... 43,786,198 26,888,320 11,540,816 10,865,629 10,715,240

Fund Balances (Deficits) Nonspendable...... - - - - 4,214,271 Restricted...... - - - - - Commited...... - - - - - Assigned...... 30,870,368 20,675,591 17,903,917 20,425,026 23,893,670 Unassigned...... 25,304,460 34,041,993 42,086,651 42,391,363 40,561,644 Total Fund Balances (Deficits).. 56,174,828 54,717,584 59,990,568 62,816,389 68,669,585

Total Liabilities, Deferred Inflows of Resources and Fund Balances (Deficits)...... $147,614,859 $121,341,701 $ 96,982,392 $111,323,757 $119,274,598

Source: Town annual audited financial statements.

ANALYSIS OF GENERAL FUND EQUITY (GAAP BASIS) Actual Actual Actual Actual Actual 2015-16 2016-17 2017-18 2018-19 2019-20 Nonspendable...... $ - $ - $ - $ - $ 4,214,271 Assisgned...... 11,129,368 9,076,781 6,435,107 5,146,216 8,893,670 Assigned to subsequent year's budget... 19,741,000 11,598,810 11,468,810 15,278,810 15,000,000 Unassigned...... 25,304,460 34,041,993 42,086,651 42,391,363 40,561,644 Total Fund Balance...... $ 56,174,828 $ 54,717,584 $ 59,990,568 $ 62,816,389 $ 68,669,585 Unassigned Fund Balance As % of Total Expenditures...... 13.49% 12.38% 13.55% 14.65% 15.16%

COMPARATIVE GENERAL FUND REVENUES AND EXPENDITURES Summary of Audited Revenues and Expenditures (GAAP Basis)

Fiscal Year Ended: 2016 2017 2018 2019 2020

REVENUES Property taxes...... $350,698,456 $362,243,704 $372,549,622 $372,451,547 $385,892,180 Licenses and permits...... 5,857,511 5,875,648 5,319,326 5,458,191 4,703,715 Fines, forfeits, and penalties...... 1,480,941 1,386,522 1,693,520 1,621,435 1,191,392 Other revenue...... 9,384,643 9,769,255 6,962,770 6,381,535 6,906,158 Charges for services...... 13,975,276 14,223,457 13,767,625 14,036,375 13,644,748 Use of money and property...... 1,205,353 1,474,726 2,626,916 3,724,421 2,862,659 Intergovernmental revenues...... 29,010,055 38,170,719 38,060,209 19,886,280 35,955,335

TOTAL REVENUES...... 411,612,235 433,144,031 440,979,988 423,559,784 451,156,187

EXPENDITURES Current: General government...... 20,065,385 20,705,623 27,684,197 25,877,681 26,505,099 Public safety...... 34,360,434 34,729,741 61,603,352 59,433,506 61,672,084 Public works...... 21,798,773 21,394,975 30,236,205 31,677,646 29,582,589 Health...... 8,229,820 8,191,045 9,639,788 9,519,665 9,920,590 Human Services...... 3,180,158 3,174,142 4,176,120 4,706,730 5,040,515 Schools...... 167,235,645 182,761,348 228,652,269 213,348,575 232,610,360 Libraries...... 10,455,608 10,682,699 13,854,620 14,679,657 14,693,574 Parks and recreation...... 10,007,761 10,136,081 15,668,704 15,872,875 15,950,672 Fixed Charges1 ……………...... 96,370,322 98,356,902 - - - Debt Services...... 25,591,451 32,160,663 37,657,446 41,953,788 44,065,678

TOTAL EXPENDITURES 397,295,357 422,293,219 429,172,701 417,070,123 440,041,161

Excess (deficiency) of revenues over (under) expenditures...... 14,316,878 10,850,812 11,807,287 6,489,661 11,115,026

Other financing sources (Uses) Operating transfers in...... 7,004,529 7,489,490 6,912,697 8,123,160 7,655,170 Operating transfers out...... (19,080,000) (19,797,546) (13,447,000) (11,787,000) (12,917,000)

Total other financing sources (uses)...... (12,075,471) (12,308,056) (6,534,303) (3,663,840) (5,261,830)

Net change in fund balances...... 2,241,407 (1,457,244) 5,272,984 2,825,821 5,853,196

Fund Balance - Beginning of year .. 53,933,421 56,174,828 54,717,584 59,990,568 62,816,389

Fund Balance - End of year...... $ 56,174,828 $ 54,717,584 $ 59,990,568 $ 62,816,389 $ 68,669,585

1 Beginning in fiscal year ending June 30, 2018, Fixed Charges have been allocated by function and are not broken out separately.

Source: Town annual audited financial statements.

VI. DEBT SUMMARY

PRINCIPAL AMOUNT OF INDEBTEDNESS As of January 14, 2021 (Pro Forma) Long-Term Debt: Bonds Principal Date of Original Outstanding Fiscal Year Date Purpose Rate % Issue Amount as of 1/14/21 Maturity General Purpose 1/21/2016 General Purpose ...... 5.00 $ 28,817,000 5,763,400 2021 5/31/2016 Refunding - Nathaniel Witherell... 2.00 - 5.00 16,660,000 14,385,000 2033 1/20/2017 General Purpose ...... 2.00 - 5.00 24,639,000 9,855,600 2022 1/20/2017 Nathaniel Witherell...... 2.00 - 5.00 1,026,000 872,100 2037 1/19/2018 General Purpose ...... 2.00 - 5.00 26,228,793 15,737,277 2023 1/18/2019 General Purpose ...... 5.00 18,712,286 14,969,828 2024 1/18/2019 Nathaniel Witherell...... 5.00 950,000 902,500 2024 1/16/2020 General Purpose ...... 5.00 22,766,176 22,766,176 2025 1/14/2021 General Purpose (This Issue)…...... TBD 16,469,560 16,469,560 2025 $ 156,268,815 $101,721,441

Schools 1/21/2016 Schools ...... 5.00 21,183,000 4,236,600 2021 1/20/2017 Schools ...... 2.00 - 5.00 11,325,000 4,530,000 2022 1/19/2018 Schools ...... 2.00 - 5.00 13,771,207 8,262,723 2023 1/18/2019 Schools ...... 5.00 14,987,714 11,990,172 2024 1/16/2020 Schools ...... 5.00 17,233,824 17,233,824 2025 1/14/2021 Schools (This Issue)…...... TBD 13,530,440 13,530,440 2025 92,031,185 59,783,759

Sewers 12/31/2004 Clean Water Fund Loan #364-C.... 2.00 8,671,620 1,920,932 2025 1/22/2015 Sewers ...... 2.00 - 4.00 7,696,431 385,000 2035 5/31/2016 Refunding- Sewers...... 2.00 - 5.00 7,395,000 4,875,000 2030 1/20/2017 Sewers ...... 2.00 - 5.00 3,010,000 2,542,300 2037 1/18/2019 Sewers ...... 2.00 - 5.00 5,350,000 5,082,500 2039 1/14/2021 Sewers (This Issue)…...... TBD 10,235,000 * 10,235,000 * 42,358,051 25,040,732 Total ...... $ 290,658,051 * $186,545,932 *

Short-Term Debt: Notes Notes Bonding Maturity Additions/ Notes Authorization Authorization 1/14/2021 Reductions This Issue Fiscal Year 2018-19 ..... $ 33,105,000 $27,275,000 $(24,970,527) 1 $ 2,304,473 Fiscal Year 2019-20 ..... 50,254,000 22,725,000 7,730,655 30,455,655 Fiscal Year 2020-21...... 37,473,000 - 22,239,872 22,239,872 Total ...... $120,832,000 $50,000,000 $ 5,000,000 $55,000,000

1 Financed by The Series A Bonds.

COMBINED SCHEDULE OF LONG TERM DEBT As of January 14, 2021 (Pro Forma)

Existing Indebtness 1 Refunded Series A Series B Fiscal Principal Interest Total Debt Bonds Bonds Bonds ALL ISSUES Year Payments Payments Service Principal Principal Principal Total Principal 2020-21 2 $ 42,691,804 $ 3,649,755 $ 46,341,558 $ (1,620,000) $ - $ 1,570,000 $ 42,641,804 2021-22 34,655,614 5,158,153 39,813,767 (2,075,000) 6,000,000 1,940,000 40,520,614 2022-23 27,555,113 3,475,504 31,030,617 (2,140,000) 6,000,000 2,010,000 33,425,113 2023-24 17,839,804 2,146,413 19,986,217 (385,000) 6,000,000 255,000 23,709,804 2024-25 10,893,597 1,286,730 12,180,327 (385,000) 6,000,000 260,000 16,768,597 2025-26 2,665,000 788,369 3,453,369 (385,000) 6,000,000 260,000 8,540,000 2026-27 2,675,000 703,113 3,378,113 (630,000) - 510,000 2,555,000 2027-28 2,680,000 615,656 3,295,656 (630,000) - 520,000 2,570,000 2028-29 2,685,000 525,244 3,210,244 (630,000) - 530,000 2,585,000 2029-30 2,690,000 433,344 3,123,344 (630,000) - 545,000 2,605,000 2030-31 2,400,000 340,938 2,740,938 (385,000) - 310,000 2,325,000 2031-32 2,165,000 264,981 2,429,981 (630,000) - 560,000 2,095,000 2032-33 1,920,000 191,275 2,111,275 (385,000) - 320,000 1,855,000 2033-34 1,915,000 124,538 2,039,538 (385,000) - 320,000 1,850,000 2034-35 900,000 78,200 978,200 (385,000) - 325,000 840,000 2035-36 515,000 52,163 567,163 - - - 515,000 2036-37 515,000 36,319 551,319 - - - 515,000 2037-38 315,000 20,475 335,475 - - - 315,000 2038-39 315,000 10,238 325,238 - - - 315,000 Total $157,990,932 $19,901,404 $177, 892,336 $(11,680,000) * $30,000,000 $10,235,000 * $ 186,545,932 *

1 Clean Water Loans are paid 50% from the general fund and 50% from the annual assessments of benefiting property owners. 2 Includes principal payments of $1,864,499 and interest payments of 3,673,204 made by the Town as of January 14, 2021.

Source: Town Officials.

* Preliminary, subject to change.

THE TOWN OF GREENWICH, CONNECTICUT HAS NEVER DEFAULTED IN THE PAYMENT OF PRINCIPAL OR INTEREST ON ITS BONDS OR NOTES.

Overlapping and Underlying Indebtedness

The Town of Greenwich has no overlapping or underlying debt.

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DEBT STATEMENT As of January 14, 2021 (Pro Forma) Indebtedness 1 Long Term Debt The Series A Bonds (This Issue)...... $ 30,000,000 The Series B Bonds (This Issue)...... 10,235,000 * Refunded Bonds...... (11,680,000) * General Purpose...... 85,251,881 Schools...... 46,253,319 Sewers...... 24,564,800 State of Connecticut CWF PLO 2 …… 1,920,932 Total Long Term Indebtedness...... 186,545,932 * Short Term Debt The Notes (This Issue)...... 55,000,000 Gross Direct Indebtedness...... 241,545,932 * Exclusions: Sewer Assessments Receivable 3 ……… (9,973,000) Net Direct Indebtedness...... $ 231,572,932 *

1 Does not include $51,275,419 of authorized but unissued debt. 2 The Town annually assesses benefiting property owners for 50% of the cost of the PLO's outstanding and 50% is paid from the general fund (See "Clean Water Fund" herein). 3 Represents sewer assessments receivable from benefitting property owners as of June 30, 2020.

CURRENT DEBT RATIOS As of January 14, 2021 (Pro Forma) Total Direct Debt $241,545,932 * Net Direct Debt $231,572,932 *

Population 1 62,574 Net Taxable Grand List (10/1/19) $33,438,497,489 Estimated Full Value $47,769,282,127 Equalized Net Taxable Grand List (2018) 2 $50,416,714,165 Per Capita Income 3 $98,467

Total Direct Indebtedness: Per Capita $3,860.16 * To Net Taxable Grand List 0.72% * To Estimated Full Value 0.51% * To Equalized Net Taxable Grand List 0.48% * Per Capita to Per Capita Income 3.92% *

Net Direct Indebtedness: Per Capita $3,700.79 * To Net Taxable Grand List 0.69% * To Estimated Full Value 0.48% * To Equalized Net Taxable Grand List 0.46% * Per Capita to Per Capita Income 3.76% * 1 U.S. Bureau of Census, 2018 Population Estimate. 2 Office of Policy and Management, State of Connecticut. 3 U.S. Bureau of Census, American Community Survey 2013-17.

* Preliminary, subject to change. 40

LEGAL REQUIREMENTS FOR APPROVAL OF BORROWING

The Town has the power to incur indebtedness by issuing its bonds or notes as authorized by the General Statutes of Connecticut subject to statutory debt limitations and the requirements of the Town Charter for the authorization of indebtedness.

TEMPORARY FINANCING

When general obligation bonds have been authorized, bond anticipation notes may be issued maturing in not more than two years (CGS Sec. 7-378). Temporary notes may be renewed up to ten years from their original date of issue as long as all project grant payments are applied toward payment of project costs or temporary notes when they become due and payable, and the legislative body schedules principal reductions by the end of the third year and for each subsequent year during which such temporary notes remain outstanding, in an amount equal to a minimum of 1/20th (1/30th for sewer projects and certain school projects) of the estimated net project cost (CGS Sec. 7-378a). The term of the bond issue is reduced by the amount of time temporary financing exceeds two years.

Temporary notes must be permanently funded no later than ten years from their initial borrowing date, except sewer notes issued in anticipation of State and/or Federal grants. If written commitment exists, the municipality may renew the sewer notes from time to time in terms not to exceed six months until such time that the final grant payments are received (CGS Sec. 7-378b).

Temporary notes may also be issued for up to 15 years for certain capital projects associated with the operation of a waterworks system (CGS Sec. 7-244a) or a sewage system (CGS Sec. 7-264a). In the first year following the completion of the project(s), or in the sixth year following the original date of issue (whichever is sooner), and in each year thereafter, the notes must be reduced by 1/15th of the total amount of the notes issued by funds derived from sources of payment specified by statute. Temporary notes may be issued in one-year maturities for up to 15 years in anticipation of sewer assessments receivable, such notes to be reduced annually by the amount of assessments received during the preceding year (CGS Sec. 7-269a).

SCHOOL BUILDING GRANT REIMBURSEMENTS

Pursuant to Section 10-287i of the Connecticut General Statutes, the State of Connecticut will make proportional progress payments for eligible construction costs during certain phases of construction. The following projects will be reimbursed under this method:

Estimated Total Reimbursement Estimated Project Appropriation Rate (%) Grant 1 Hamilton Avenue School Improvements 2 $ 30,905,000 20.00 $ 3,688,887 Glenville School Improvements 3 24,700,000 20.00 3,401,391 Greenwich High School Auditorium/MISA 4 45,951,000 20.00 8,700,000 New Lebanon Elementary School 5 37,309,000 68.00 23,800,000 Total $138,865,000 $39,590,278

1 Estimated grants receivable are based upon eligibility of reimbursable project costs. Final eligible costs to be determined at completion of post project audit. 2 The project will be funded by a combination of State of Connecticut school construction progress payments and budget appropriations only. The Town does not expect to issue any debt to finance the project. To date, the Town has received $3,504,433 in progress payments and is currently negotiating with the State of Connecticut on the final grant amount. 3 To date, the Town has received $3,058,843 in progress payments for this project. 4 Currently, the Town estimates that it will receive approximately $8,700,000 in progress payments and donations for the project. The Town has determined that soil remediation is required in connection with the project and has estimated the liability at $20 million based on estimates from an environmental consultant. This estimate is subject to revision due to price increases or reductions, changes in technology or changes in applicable laws and regulations. Management anticipates this project taking five to seven years to complete. There are no anticipated recoveries of costs at this time. (See Footnote 8 in Appendix A "Audited Financial Statements" herein). 5 The Town has received authorization to proceed with the construction of the New Lebanon Elementary School Project for a cost of $37,309,000. The State of Connecticut has approved up to $23,800,000 in school construction reimbursement for eligible costs. The project has exceeded space standards and the total approved amount of school construction reimbursements will likely be reduced. Construction for this project commenced in December 2017 and the project was completed in late 2019. The Town has received $17,702,446 in reimbursements received to date.

CLEAN WATER FUND PROGRAM

The Town is a participant in the State of Connecticut Clean Water Fund Program (General Statutes Section 22a-475 et seq., as amended) which provides financial assistance through a combination of grants and loans bearing interest at a rate of 2% per annum. All participating municipalities receive a grant of 20% and a loan of 80% of total eligible costs (with the exception of combined sewer overflow correction projects which are financed with a 50% grant and a 50% loan and de-nitrification projects which are financed with a 30% grant and a 70% loan).

Loans to each municipality are made pursuant to Project Grant and Project Loan Agreements (the "Loan Agreements"). Each municipality is obligated to repay only that amount which it draws down for the payment of project costs (Interim Funding Obligations). Each municipality must deliver to the state one obligation secured by the full faith and credit of the municipality, and/or a dedicated source of revenue of such municipality.

Amortization of each loan is required to begin one year from the earlier of the project completion date specified in the Loan Agreement, or the actual project completion date. The final maturity of each loan is twenty years from the project completion date. Principal and payments are payable (1) in equal monthly installments commencing one month after the scheduled completion date, or (2) in a single annual installment representing, 1/20 of total principal not later than one year from the project completion date specified in the Loan Agreement and repayable thereafter in monthly installments. Loans made under Loan Agreements entered into prior to July 1, 1998 are repayable in annual installments. Borrowers may elect to make level debt service payments or level principal payments. The borrowers may prepay their loans at any time prior to maturity without penalty.

The Town has the following permanent Clean Water Fund loans outstanding:

Amount Original 2% Outstanding as of Project Date of Issue Loan Amount January 14, 2021 CWF PLO 364-C...... 12/31/2004$ 8,671,620 $ 1,920,932

The Town annually assesses benefiting property owners for 50% of the cost of the PLO's while the remaining 50% is paid from the general fund.

LIMITATION OF INDEBTEDNESS

Municipalities shall not incur indebtedness through the issuance of bonds or notes which will cause aggregate indebtedness by class to exceed the following:

General Purposes: 2.25 times annual receipts from taxation School Purposes: 4.50 times annual receipts from taxation Sewer Purposes: 3.75 times annual receipts from taxation Urban Renewal Purposes: 3.25 times annual receipts from taxation Unfunded Pension Liability Purposes: 3.00 times annual receipts from taxation

In no case however, shall total indebtedness exceed seven times the base. "Annual receipts from taxation," (the "base") are defined as total tax collections including interest, penalties and late payment of taxes and state payments for revenue loss under CGS Sections 12-129d and 7-528.

The CGS also provide for exclusion from the debt limit calculation debt (i) issued in anticipation of taxes; (ii) issued for the supply of water, gas, electricity, electric demand response, conservation and load management, distributed generation and renew- able energy projects; for the construction of subways for cables, wires and pipes; for the construction of underground conduits for cables, wires and pipes; for the construction and operation of a municipal community antenna television system and for two or more of such purposes; (iii) issued in anticipation of the receipt of proceeds from assessments levied upon property benefited by any public improvement; (iv) issued in anticipation of the receipt of proceeds from State or Federal grants evidenced by a written commitment or for which allocation has been approved by the State Bond Commission or from a contract with the state, state agencies or another municipality providing for the reimbursement of costs but only to the extent such indebtedness can be paid from such proceeds; (v) issued for certain water pollution control projects; and (vi) upon placement in an escrow of the proceeds of refunding bonds, notes or other obligations or other funds of the municipality in an amount sufficient to provide for the payment when due of principal of and interest on such bond, note or other evidence of indebtedness.

STATEMENT OF STATUTORY DEBT LIMITITATION As of January 14, 2021 (Pro Forma)

Total fiscal year 2020 tax collections (including interest and lien fees) $ 385,892,180 State Reimbursement for Revenue Loss on Tax Relief for the Elderly 2,000 Base for Establishing Debt Limit $ 385,894,180

Unfunded Ge ne ral Urban Pension Total Debt Limitation 1 Purpose Schools Sewers Renewal Obligation Debt (2.25 times base)...... $ 868,261,905 (4.50 times base)...... $ 1,736,523,810 (3.75 times base)...... $ 1,447,103,175 (3.25 times base)...... $ 1,254,156,085 (3.00 times base)...... $ 1,157,682,540 (7.00 times base)...... $ 2,701,259,260 Indebtedness (Including this issue) Bonds Payable...... $ 85,251,881 $ 46,253,319 $ 24,564,800 $ - $ - $ 156,070,000 Refunded Bonds...... - - (11,680,000) * (11,680,000) * The Series A Bonds...... 16,469,560 13,530,440 - - - 30,000,000 The Series B Bonds...... - - 10,235,000 * - - 10,235,000 * The Notes (This Issue)...... 31,322,000 23,678,000 - - - 55,000,000 State of Connecticut Clean Water Fund ("CWF") Project Loan Obligation ("PLO") 2 ……………... - - 1,920,932 - - 1,920,932 Authorized but - Unissued Debt...... 20,624,563 21,960,856 8,690,000 - - 51,275,419 Gross Direct Debt...... 153,668,004 105,422,615 33,730,732 * - - 292,821,351 * Exclusions: - (9,931,354) 3 (9,973,000) 4 - - (19,904,347) Net Direct Debt 153,668,004 95,491,261 23,757,732 * - - 272,917,004 * Excess of Limit Over Outstanding and Authorized Debt...... $ 714,593,901 $ 1,641,032,549 $ 1,423,345,443 * $ 1,254,156,085 $ 1,157,682,540 $ 2,428,342,256 *

1 Under Connecticut General Statutes total indebtedness for all classes cannot exceed seven times the base, or $2,701,259,260.

2 The Town has two outstanding Project Loan Obligations (PLO) issued under the State of Connecticut Clean Water Program. As of January 16, 2020, the outstanding principal balance of the PLO's are $2,377,649. The PLO's are paid 50% from the general fund and 50% from annual assessments on the benefiting property owners (See "Clean Water Fund" herein).

3 The Town expects to receive school construction progress payments from State of Connecticut which will reduce the authorized but unissued debt a similar amount. (See "School Construction Projects" herein).

4 Represents sewer assessments receivable from benefitting property owners as of June 30, 2020.

* Preliminary, subject to change.

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EXISTING AND FUTURE CAPITAL PROJECT FINANCING

In fiscal year 2019-20, the Town has authorized borrowing of up to $43 million for Town and Board of Education projects to be amortized over five years.

The annual borrowings and the transfers into the Capital Reserve Fund along with contributions from current capital reserves and other revenue sources are expected to be adequate to fund the Town’s capital improvement plan ("CIP") over the next fifteen years, absent any changes in such plan. Amendments or supplements to the CIP in the future will affect the Town’s capital contribution requirements. Currently the Town's fifteen-year CIP includes $1.66 billion of capital projects, of which approximately $1.596 billion will be debt funded. Highlights to the plan include renovations at six Elementary schools, renovations and expansion at Central Middle School, building renovations at Greenwich High School, improvements at Greenwich High School’s Cardinal Stadium, and Greenwich High School soil remediation; design and construction of a new Eastern Civic Center; Dorothy Hamill Rink Facility Improvements; improvements to the Holly Hill Resource Recovery Facility, design and construction of a new EMS Ambulance Station and Headquarters and annual road paving and highway infrastructure program.

During spring, 2017, the Town’s Board of Education contracted with an architect to develop a fifteen year Facilities Master Plan ("Master Plan") to assess the programmatic and physical condition of all school facilities and to plan for the future maintenance, renovations and possible replacement of those facilities. The Master Plan seeks to develop preliminary design options to achieve model program requirements, develop a phasing schedule for implementation and ultimately integrate the model program through infrastructure improvements. The Master Plan provided recommendations for improvements, renovations or replacements of sixteen education facilities with estimated costs ranging from $740 million to $773 million. The Master Plan has been incorporated into the Town’s 15 year CIP however, the Town can provide no assurances that the Master Plan will be undertaken in the amounts or the timeframe as currently contemplated.

AUTHORIZED BUT UNISSUED DEBT

Authorized Amount of Prior Debt/ The Series A But Authorizations Authorization Grants 2 Bonds The Notes Unissued Debt Total Fiscal Year 2007-08 Authorizations..... $ 55,730,365 $ 55,283,843 $ - $ - $ 446,522 Total Fiscal Year 2012-13 Authorizations..... 71,766,207 69,554,543 75,995 - 2,135,669 Total Fiscal Year 2013-14 Authorizations..... 47,577,438 47,553,539 23,899 - - Total Fiscal Year 2014-15 Authorizations..... 43,323,783 40,524,013 160,563 - 2,639,207 Total Fiscal Year 2015-16 Authorizations..... 42,073,567 41,152,367 21,200 - 900,000 Total Fiscal Year 2016-17 Authorizations..... 60,194,818 57,254,134 163,564 - 2,777,120 Total Fiscal Year 2017-18 Authorizations..... 34,775,077 28,574,176 2,229,779 - 3,971,122 Total Fiscal Year 2018-19 Authorizations..... 33,099,755 - 27,325,000 2,304,473 3,470,282 Total Fiscal Year 2019-20 Authorizations..... 50,158,024 - - 30,455,655 19,702,369 Total Fiscal Year 2020-21 Authorizations..... 37,473,000 - - 22,239,872 15,233,128 Total...... $476,172,034 $ 339,896,615 $30,000,000 $ 55,000,000 $ 51,275,419

1 The Town expects to receive school construction progress payments for eligible school projects which will reduce the authorized but unissued debt by a similar amount. (See "School Building Grant Reimbursements" herein).

HISTORICAL DEBT STATEMENT

2019-20 2018-19 2017-18 2016-17 2015-16 Population 1 ………………….…. 62,574 62,574 62,574 62,782 62,418 Net taxable grand list...... $33,102,411,425 $32,901,340,544 $32,636,596,124 $32,320,377,361 $31,108,370,652 Estimated full value...... $47,289,159,179 $47,001,915,063 $46,623,708,749 $46,171,967,659 $44,440,529,503 Equalized net taxable grand list 2... $49,305,412,148 $50,416,714,165 $48,596,792,470 $46,177,528,894 $50,031,483,545 Per capita income 1 ……………… $98,467 $98,467 $98,467 $96,533 $93,194

Short-term debt...... $50,000,000 $60,000,000 $65,000,000 $75,000,000 $60,000,000 Long-term debt...... $159,855,432 $162,776,756 $163,091,868 $159,532,383 $151,193,490 Total Direct debt...... $209,855,432 $222,776,756 $228,091,868 $234,532,383 $211,193,490 Net Direct debt...... $199,882,432 $211,501,194 $215,561,290 $220,531,458 $195,934,705

1 U.S. Bureau of Census. 2 Office off Policy and Management, State of Connecticut.

HISTORICAL DEBT RATIOS

2019-20 2018-19 2017-18 2016-17 2015-16 Total Direct debt: Per capita $3,353.72 $3,560.21 $3,645.15 $3,735.66 $3,383.54 To net taxable grand list 0.63% 0.68% 0.70% 0.73% 0.68% To estimated full value 0.44% 0.47% 0.49% 0.51% 0.48% To equalized net taxable grand list 0.43% 0.44% 0.47% 0.51% 0.42% Debt per capita to per capita income 4.51% 4.79% 4.90% 5.02% 4.55%

Net direct debt: Per capita $3,194.34 $3,380.02 $3,444.90 $3,512.65 $3,139.07 To net taxable grand list 0.60% 0.64% 0.66% 0.68% 0.63% To estimated full value 0.42% 0.45% 0.46% 0.48% 0.44% To equalized net taxable grand list 0.41% 0.42% 0.44% 0.48% 0.39% Debt per capita to per capita income 4.30% 4.55% 4.63% 4.72% 4.22%

RATIO OF ANNUAL DEBT SERVICE EXPENDITURES TO TOTAL GENERAL FUND EXPENDITURES AND TRANSFERS OUT

Ratio of General Fund Debt Service Total General to Total General Fiscal Year Annual Fund Expenditures Fund Expenditures Ended 6/30 Debt Service and Transfers out and Transfers Out % 2021 1 $ 45,720,000 $ 448,381,253 10.20% 2020 44,065,678 452,958,161 9.73% 2019 37,657,446 449,678,176 8.37% 2018 32,160,663 447,892,685 7.18% 2017 25,591,451 442,090,765 5.79% 1 Fiscal Year 2020-21 Adopted Budget.

VII. LEGAL AND OTHER LITIGATION

LITIGATION

In the opinion of the Town Attorney, there are no claims or litigation pending or to his knowledge threatened, which would individually or in the aggregate, result in final judgments against the Town which would have a material adverse effect on the finances of the Town, or which would impact the validity of the Bonds and the Notes or the power of the Town to levy and collect taxes to pay the principal of and interest on the Bonds and the Notes.

MUNICIPAL ADVISOR

The Town has retained Hilltop Securities Inc. (the “Municipal Advisor”) to serve as its municipal advisor in connection with the issuance of the Bonds. The Municipal Advisor has not independently verified any of the information contained in this Official Statement and makes no guarantee as to its completeness or accuracy. The Town may engage the Municipal Advisor to perform other services, including without limitation, providing certain investment services with regard to the investment of Bond and Note proceeds.

TRANSCRIPTS AND CLOSING DOCUMENTS

Upon the delivery of the Bonds and the Notes, the original purchaser(s) will be furnished with the following:

1. Signature and No Litigation Certificates stating that at the time of delivery no litigation is pending or threatened affecting the validity of the Bonds or the Notes or the levy or collection of taxes to pay them; 2. A certificate on behalf of the Town signed by the Comptroller, which will be dated the date of delivery and attached to a signed copy of this Official Statement, certifying that to the best of said official's knowledge and belief, at the time bids on the Bonds and the Notes were accepted, the descriptions and statements in this Official Statement relating to the Town and its finances were true and correct in all material respects and did not contain any untrue statement of a material fact, or omit to state a material fact, necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and that there has been no material adverse change in the financial condition of the Town from that set forth in or contemplated by this Official Statement; 3. Receipts for the purchase price of the Bonds and the Notes; 4. The approving opinions of Robinson & Cole LLP, Bond Counsel as to the Bonds and the Notes in substantially the forms attached hereto as Appendices B, C and D, respectively; and 5. Executed Continuing Disclosure Agreements for the Bonds and the Notes in substantially the forms attached hereto as Appendices E and F, respectively.

The Town has prepared a Preliminary Official Statement for the Bonds and the Notes which is dated December 23, 2020 to revision or amendment. The Town will make available to the winning purchaser(s) of the Bonds and the Notes a reasonable number of copies of the Official Statement at the Town's expense. The copies of the Official Statement will be made available to the winning purchaser(s) within seven business days of the bid opening. If the Town's municipal advisor is provided with the necessary information from the winning purchaser(s) by noon of the day following the day bids are received, the copies of the Official Statement will include an additional cover page and other pages indicating the interest rates, ratings, yields or reoffering prices, the name of the managing underwriter and any changes on the Bonds and Notes. Additional copies may be obtained by the purchaser(s) at its own expense by arrangement with the printer.

A transcript of the proceedings taken by the Town in authorizing the Bonds will be kept on file at the office of U.S. Bank National Association and may be examined upon reasonable request.

CONCLUDING STATEMENT

Additional information may be obtained upon request from the Office of the Comptroller, Attention: Mr. Peter Mynarski, Jr. at (203) 622-2226 or from HilltopSecurities at (860) 290-3002.

Any statements in this Official Statement involving matters of opinion or estimates, whether or not expressly so stated, are intended as such and not as representations of fact. No representation is made that any of such statements will be realized. This Official Statement is not to be construed as a contract or agreement between the Town and the purchasers or holders of any of the Bonds and the Notes.

This Official Statement is submitted only in connection with the sale of the Bonds and the Notes by the Town and may not be reproduced or used in whole or part for any other purpose.

TOWN OF GREENWICH, CONNECTICUT

By: PETER MYNARSKI, JR. Comptroller

Dated: January __, 2021

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APPENDIX A – AUDITED FINANCIAL STATEMENTS

TOWN OF GREENWICH, CONNECTICUT BASIC FINANCIAL STATEMENTS June 30, 2020

TABLE OF CONTENTS Page Independent Auditors' Report 1-2 Basic Financial Statements: Management Discussion and Analysis 3-9 Statement of Net Assets 11 Statement of Activities 12 Balance Sheet – Government Funds 14-15 Statement of Revenues, Expenditures and Changes in Fund Balance – Government Funds 16-17 Statement of Net Positions – Proprietary Funds 18 Statement of Revenues, Expenses and Changes in Fund Net Assets – Proprietary Funds 19 Statement of Cash Flows - Proprietary Funds 20 Statement of Fiduciary Net Position - Fiduciary Funds 21 Statement of Changes in Fiduciary Net Position - Fiduciary Funds 22 Notes to General Purpose Financial Statements 23-77 Required Supplementary Information RSI-1 Statement of Revenues, Expenditures and Changes in Budgetary Fund Balance – Budgetary Basis – Budget and Actual – General Fund 79 RSI-2 Schedules of revenues, expenditures and changes in Fund Balance – Budget and actual – Budgetary Basis – Sewer Improvement Fund 80 RSI 3 Schedule of revenues, expenditures and changes in Fund Balance – Budget and Actual – Budgetary Basis – Nathaniel Witherell fund 81 RSI 4 Schedule of Contributions – Pension Plan 82 RSI-5 OPEB - Schedule of Annual Required Contributions 83 RSI-6 Schedule of changes in the Town's Net Pension Liability and related ratios Last six fiscal years 84 RSI-7 Schedule of changes in the Town’s OPEB liability and related ratios – last three fiscal years 85 RSI-8 Schedule of the Town’s proportionate share of the Net Pension Liability – Teachers’ Retirement System 86 RSI-9 Schedule of the Town’s proportionate share of the Net OPEB Liability – Teachers’ Retirement System 87 Notes to Required Supplementary Information 88-89

Appendix A - Financial Statements - is taken from the Annual Financial Report of the Town of Greenwich for the Fiscal Year ended June 30, 2020, as presented by the auditors for the general purpose financial statements. This Appendix does not include all schedules, management letter, or auditor's supplemental schedules from the completed audit report. A copy of the complete report is available upon request to the Town Comptroller, Town of Greenwich, Connecticut.

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Independent Auditor’s Report

Board of Estimate and Taxation Town of Greenwich, Connecticut

Report on the Financial Statements We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund and the aggregate remaining fund information of the Town of Greenwich, Connecticut (the Town) as of and for the year ended June 30, 2020, and the related notes to the financial statements, which collectively comprise the Town’s basic financial statements as listed in the table of contents.

Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Town’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Opinions In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the Town as of June 30, 2020, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the Management Discussion and Analysis on pages 3 through 9, the schedule of revenues, expenditures and changes in budgetary fund balance on page 79 through 81, the schedule of contributions – pension plan on page 82, schedule of annual required contributions – OPEB Plan on page 83, the schedule of changes in the Town’s net pension liabilities and related ratios on page 84, the schedule of changes in the Town’s net OPEB liability and related ratios on page 85, the schedule of the Town’s proportionate share of the net pension liability – Teachers’ Retirement System on page 86 and the schedule of the Town’s proportionate share of the net OPEB liability – Teachers’ Retirement System on page 87 to be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

New York, New York December 21, 2020

Town of Greenwich, Connecticut Management’s Discussion and Analysis – Unaudited June 30, 2020

As management of the Town of Greenwich, Connecticut (the Town), we offer readers of the financial statements this narrative overview and analysis of the financial activities of the Town for the fiscal year ended June 30, 2020. We encourage readers to consider the information presented here along with additional information we have furnished in our letter of transmittal.

Financial Highlights

On a government-wide basis, the assets and deferred outflows of resources of the Town exceeded its liabilities and deferred inflows of resources resulting in net position at the close of the fiscal year of $516.4 million. The total net position for governmental activities at fiscal year-end were $507.9 million, and the total net position for business-type activities were $8.6 million. Net position for business-type activities decreased $0.2 million, while net position for governmental activities increased by $20.4 million.

On a government-wide basis, during the year, the Town’s net position increased by $20.2 million from $496.2 million to $516.4 million. Government-wide expenses were $500.4 million, while revenues were $520.7 million.

At the close of the fiscal year, the Town’s governmental funds reported, on a current financial resource basis, combined ending fund balances of $81.9 million, an increase of $13.2 million from the prior fiscal year’s fund balances.

At the end of the prior fiscal year 2019, the fund balance for the General Fund was $62.8 million, an increase of $2.8 million from the 2018 fiscal year. For the current fiscal year, the surplus of $5.9 million increased General Fund balance to $68.7 million.

The Town’s total debt decreased by $2.9 million. The net decrease is due to the issuance of $40.0 million in General Obligation Bonds with an offsetting payment of regularly scheduled principal amounts. The Town’s debt administration practice is to pay down General Fund debt over a five-year period. Borrowings for funds other than the General Fund continue to be amortized over a twenty-year period. This does not include short-term Bond Anticipation Notes with $50.0 million outstanding as of June 30, 2020.

Overview of the Financial Statements

This discussion and analysis are intended to serve as an introduction to the Town’s basic financial statements. The basic financial statements are comprised of three components: 1) government-wide financial statements, 2) fund financial statements and 3) notes to the financial statements. This report also contains other supplementary information, as well as the basic financial statements.

Government-Wide Financial Statements

The government-wide financial statements are designed to provide readers with a broad overview of the Town’s finances, in a manner similar to private-sector business. All of the resources the Town has at its disposal are shown, including major assets such as buildings and infrastructure. A thorough accounting of the cost of government is rendered because the statements present all costs, not just how much was collected and disbursed. They provide both long-term and short-term information about the Town’s overall financial status.

The statement of net position presents information on all of the Town’s assets and deferred outflows of resources and liabilities and deferred inflows of resources, with the difference reported as net position. Over time, increases or decreases in net position may serve as an indicator of whether the financial position of the Town is improving or deteriorating. It speaks to the question of whether or not the Town, as a whole, is better or worse off as a result of this year’s activities. Other nonfinancial factors will need to be considered, however, such as changes in the Town’s property tax base and the condition of the Town’s infrastructure, to assess the overall health of the Town.

The statement of activities presents information showing how the Town’s net position changed during the most recent fiscal year. All of the current year’s revenues and expenses are taken into account, regardless of when cash is received or paid. Thus, revenues and expenses are reported in this statement for some items that will only result in cash flow in some future fiscal period, uncollected taxes and earned but unused vacation leave are examples.

Both of the government-wide financial statements distinguish functions of the Town that are supported by taxes and intergovernmental revenues (governmental activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities).

Governmental activities of the Town encompass most of the Town’s basic services and include general government, public safety, public works, health, The Nathaniel Witherell Skilled Nursing Facility, parks and recreation, human services, education and other activities. Property taxes, charges for services and state and federal grants finance most of these activities.

Business-type activities of the Town include the Parking Fund. It is reported here, as the Town charges a fee to customers to help cover all or most of the cost of the operations.

The government-wide financial statements include only the Town itself, as the Town has no component units. The government-wide financial statements can be found on Exhibits I and II of this report.

Fund Financial Statements

A fund is a grouping of related accounts that is used to maintain control and accountability over resources that have been segregated for specific activities or objectives. The Town, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All of the funds of the Town can be divided into three categories: governmental funds, proprietary funds and fiduciary funds.

Governmental Funds. Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The Town maintains 12 individual governmental funds. The Town has combined the two Capital Projects and Bonded Capital Projects funds into one fund. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures and changes in fund balances for the General Fund, Sewer Improvement Fund, Capital Projects Fund and Nathaniel Witherell fund, which are all considered to be major funds. Data from the other eight governmental funds is combined into a single aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements elsewhere in this report.

The basic governmental fund financial statements can be found on Exhibits III and IV.

Proprietary Funds. The Town maintains two proprietary funds, an enterprise fund and an internal service fund. Enterprise Funds are used to report the same functions presented as business-type activities in the government-wide financial statements. The Town uses enterprise funds to account for its parking activities. The internal service fund is used to report the risk reserve used to accumulate funds to pay for future unanticipated legal claims against the Town.

Proprietary funds provide the same type of information as the government-wide financial statements, only in more detail. The proprietary fund financial statements provide separate information for parking activities, which is considered to be a major fund of the Town.

The basic proprietary fund financial statements can be found on Exhibits V through VII.

Fiduciary Funds. Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government-wide financial statement because the resources of those funds are not available to provide services to the Town constituency. The Town has three pension trust funds and one agency fund. The accounting used for fiduciary funds is much like that used for proprietary funds.

The basic fiduciary fund financial statements can be found on Exhibits VIII and IX.

Notes to the Financial Statements

The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the financial statements can be found on pages 22-75 of this report.

Government-Wide Financial Analysis

As noted earlier, net position may serve over time as a useful indicator of a government’s financial position and an important determinant of its ability to finance services in the future. In the case of the Town, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $516.4 million at June 30, 2020. This is an increase of $20.2 million from the previous fiscal year.

TOWN OF GREENWICH, CONNECTICUT CONDENSED STATEMENT OF NET POSITION ($000s)

June 30, 2020 June 30, 2019 Primary Government Primary Government Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total

Current and other assets $ 191,847 $ 2,572 $ 194,419 $ 191,157 $ 2,855 $ 194,012 Capital assets 802,451 6,592 809,043 786,913 6,287 793,200 Total assets 994,298 9,164 1,003,462 978,070 9,142 987,212

Deferred outflows of resources 31,664 - 31,664 21,034 - 21,034

Current liabilities 82,614 502 83,116 96,005 268 96,273 Long-term liabilities outstanding 417,200 73 417,274 380,492 90 380,582 Total liabilities 499,814 576 500,390 476,497 358 476,855

Deferred inflows of resources 18,287 - 18,287 35,164 - 35,164

Net position: Net Investment in capital assets 606,274 6,592 612,865 584,185 6,287 590,472 Restricted 2,059 - 2,059 1,951 - 1,951 Unrestricted net deficit (100,472) 1,996 (98,475) (98,693) 2,497 (96,196) Total net position $ 507,861 $ 8,588 $ 516,449 $ 487,443 $ 8,784 $ 496,227

The fiscal year 2019 net position categories have been updated due to the identification of a formula error in the prior year calculation of net investment in capital assets. The correction resulted in a decrease in the net investment in capital assets and increase in the Town’s unrestricted net position. Total net position remains unchanged. 5

On a government-wide basis, the assets and deferred outflows of resources of the Town exceeded its liabilities and deferred inflows or resources resulting in total net position at the close of the fiscal year of $516.4 million. The total assets were up over last year due principally to additional capital asset additions and overall good operating results. The total net position increased from last year’s net position of $496.2 million and due principally to generally good operating results. Total net position for governmental activities at fiscal year-end were $507.9 million (up from $487.4 million), and total net position for business-type activities were $8.6 million (down from $8.8 million in the previous year). By far, the largest portion of the Town’s net position ($606.3 million) reflects its investment in capital assets (e.g., land, buildings, machinery and equipment); less any related debt used to acquire those assets that is still outstanding. The Town uses these capital assets to provide services to citizens; consequently, these assets are not available for future spending. Although the Town’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.

TOWN OF GREENWICH, CONNECTICUT CONDENSED STATEMENT OF ACTIVITIES ($000s)

Year Ended June 30, 2020 June 30, 2019 Primary Government Primary Government Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total

Revenues Program revenues: Charges for services $ 58,091 $ 3,182 $ 61,273 $ 60,228 $ 3,992 $ 64,220 Operating grants and contributions 55,477 - 55,477 24,336 - 24,336 Capital grants and contributions 2,458 - 2,458 10,820 - 10,820 General revenues: Property taxes 397,412 - 397,412 385,492 - 385,492 Grants not restricted to specific programs - - - 1,359 - 1,359 Miscellaneous 285 - 285 - - - Investment earnings 3,725 39 3,764 4,975 52 5,027 Total revenues 517,448 3,221 520,669 487,210 4,044 491,254

Expenses General government 25,167 - 25,167 29,134 - 29,134 Public safety 64,915 - 64,915 63,143 - 63,143 Public works 51,764 - 51,764 53,918 - 53,918 Health 38,992 - 38,992 39,813 - 39,813 Human services 5,041 - 5,041 4,707 - 4,707 Schools 274,204 - 274,204 227,918 - 227,918 Libraries 14,955 - 14,955 14,939 - 14,939 Parks and recreation 19,911 - 19,911 19,857 - 19,857 Parking - 2,717 2,717 - 2,842 2,842 Interest on long-term debt 2,781 - 2,781 3,519 - 3,519 Total expenses 497,730 2,717 500,447 456,948 2,842 459,790

Change in net position before transfers 19,718 504 20,222 30,262 1,201 31,463

Transfers 700 (700) - 754 (754) -

Change in net position 20,418 (196) 20,222 31,016 447 31,463

Net Position, beginning 487,443 8,784 496,227 456,427 8,337 464,764

Net Position, ending $ 507,861 $ 8,588 $ 516,449 $ 487,443 $ 8,784 $ 496,227

Government Activities

Major revenue factors included:

For governmental activities, $397.5 million or 76.80% of the revenues were derived from property taxes (up from $385.5 million in the prior year), followed by $116.0 million from program revenues, (up from $95.4 million in the prior year). The remaining revenue is lower by $2.3 million. The net increase in total revenues is principally due to the increase in property taxes and the amount attributed to the State of Connecticut teacher’s pension/health plans.

Major expense factors included:

For governmental activities, approximately $274.2 million of the Town’s expenses relate to education, $65.0 million relates to public safety, $25.2 million for general government, $51.8 million for public works, $19.9 million for parks and recreation, $44.0 million for health and human services and $2.8 million for interest on long-term debt. The net increase in total expenses was due primarily to an increase on-behalf expense for contributions by the State to the Teachers Retirement System for pension and health and an increase in the pollution remediation liability.

Financial Analysis of the Fund Financial Statements

As noted earlier, the Town uses fund accounting to ensure and demonstrate compliance with finance- related legal requirements.

Governmental Funds. The focus of the Town’s governmental funds is to provide information on near- term inflows, outflows and balances of spendable resources. Such information is useful in assessing the Town’s financing requirements.

As of the end of the current fiscal year, the Town’s governmental funds reported combined ending fund balances of $81.7 million. This positive fund balance situation is partially offset by negative fund balances in the Sewer Improvement ($3.8 million), Capital Projects Funds ($7.2 million) and the Nathaniel Witherell Fund ($8.6 million). They are created by the issuance of Bond Anticipation Notes (BANS) of $50 million dollars collectively. When the BANS are converted to General Obligation Bonds, the proceeds will be recognized as other financing sources and that portion will reverse the negative fund balances.

The Nathaniel Witherell fund was previously recognized as a nonmajor governmental fund. For the year ended June 30, 2020, the Nathaniel Witherell fund is a major fund.

The General Fund is the chief operating fund of the Town. At the end of the current fiscal year, the unassigned fund balance of the general fund was $40.6 million, while the total fund balance was $68.7 million. The unassigned fund balance represents 9.0% of total General Fund expenditures, while total fund surplus represents 15.1% of that same amount. The Town has a Fund Balance Policy ratio of 5% to 10% of General Fund expenditures. This ratio was exceeded when combining unassigned with reserves in the Risk Fund and the Capital and Non-recurring Fund, as per the Town’s Fund Balance Policy. The policy does not take into account the assigned portion of the General Fund balance of $28.0 million that is attributed to the use of fund balance in the subsequent year and encumbrances.

The fund balance of the Town’s General Fund was $68.7 million for the year ended 2020. In the current year, there was a net change in fund balance of $5.9 million. The surplus was the net result of 1) conservative budgeting of revenues and 2) expenditure savings in the school system due to the COVID- 19 pandemic. With the closing of the schools in March 2020, the school district realized substantial savings with the school bus contract and the underutilization of substitute teachers.

The Capital Projects Fund has a negative fund balance of ($7.2) million, mainly due to the outstanding BANS.

The Sewer Improvement Fund has a negative fund balance of ($3.8) million, mainly due to the pre- funding of 2003 Sewer Assessment debt by the general fund. The negative balance will be eliminated at the end of the payback period by the homeowners.

Proprietary Funds. The Town’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. The Parking Fund had revenues of $3.2 million, a decrease of $0.8 million over the previous year, and expenses of $2.7 million for the current fiscal year, a decrease of $0.1 million from the prior year. The Parking Fund was only slightly impacted by COVID-19.

General Fund Budgetary Highlights

The difference between the original budget and the final amended budget for expenditures was $0.5 million. The major additional appropriations and transfers approved during the year are summarized below:

There were miscellaneous appropriations for the Board of Education appropriations of $0.2 million, Fixed Charges of $0.1 million, $0.1 for the Town Clerk and $0.1 million for a special donation to United Way in response to COVID-19.

During the year, actual revenues and transfers-in on a budgetary basis were $429.0 million, which were $15.2 million less than budgetary estimates. However, the negative variance was created from the budgeted use of appropriated fund balance of ($15.3) million. There were major surpluses consisting of property tax revenues of $1.8 million, interest income earnings of $1.1 million and unbudgeted State of Connecticut grants of $4.1 million.

Actual expenditures and transfers out, on a budgetary basis, totaled $427.3 million, which were less than budgeted amounts by $17.4 million. The main reason for the favorable variance can be attributed to the cost cutting measures implemented to offset declining revenues in recent years. The largest favorable variances were for schools of $2.1 million, employee benefits of $8.8 million, workers’ compensation savings of $0.9 million and public works of $1.6 million. The Town historically budgets for all positions and, on average, has 35 to 45 vacancies. This translates to an additional savings of almost $4.0 million dollars Town-wide.

It should be noted and notwithstanding the above noted revenue and expenditure surpluses that there were many revenue shortfalls and many offsetting expenditure savings created by the COVID-19 experience for this year.

Capital Asset and Debt Administration

Capital Assets. As of June 30, 2020, the Town’s investment in capital assets for its governmental and business-type activities amounted to $805.0 million, net of accumulated depreciation. This investment in capital assets includes land, building and land improvements, machinery and equipment and infrastructure. The total increase in the Town’s investment in capital assets for the current fiscal year was $11.8 million or 1.5%.

TOWN OF GREENWICH, CONNECTICUT CAPITAL ASSETS (net of depreciation) ($000s)

June 30, 2020 June 30, 2019 Primary Government Primary Government Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total

Land $ 63,651 $ 4,426 $ 68,077 $ 63,651 $ 4,047 $ 67,698 Land Improvements 25,132 1,477 26,609 24,719 1,463 26,182 Buildings 445,352 - 445,352 436,649 - 436,649 Machinery and equipment 48,441 22 48,463 41,155 55 41,210 Infrastructure 216,508 667 217,175 207,171 722 207,893 Construction in progress 3,368 - 3,368 13,568 - 13,568 Total $ 802,452 $ 6,592 $ 809,044 $ 786,913 $ 6,287 $ 793,200

Major capital asset events during the current fiscal year included the following:

• Board of Education maintenance (e.g. boilers, roofing, HVAC, etc.). • Town-wide infrastructure maintenance (e.g. paving, drainage, etc.).

Additional information on the Town’s capital assets can be found in Note 6 of this report.

Long-Term Debt. At the end of the current fiscal year the Town had total long-term debt outstanding of $159.9 million. All of this debt is backed by the full faith and credit of the Town.

TOWN OF GREENWICH, CONNECTICUT OUTSTANDING LONG-TERM DEBT ($000s)

June 30, 2020 June 30, 2019 Primary Government Primary Government Governmental Business-type Governmental Business-type Activities Activities Total Activities Activities Total

General obligation bonds $ 157,705 $ - $ 157,705 $ 160,160 $ - $ 160,160 Notes payable 2,150 - 2,150 2,617 - 2,617 Total $ 159,855 $ - $ 159,855 $ 162,777 $ - $ 162,777

The Town’s total long-term debt decreased by $2.9 million during the current fiscal year. Additionally, the Town’s balance of bond anticipations notes decreased by $10 million.

The Town maintains the following ratings from Wall Street’s credit agencies for general obligation debt: an Aaa rating from Moody’s Investors Service, and AAA from Standard and Poor’s and Fitch.

The overall statutory debt limit for the Town is equal to seven times annual receipts from taxation or $2,701,259,260. As of June 30, 2020, the Town recorded long-term debt of $159.9 million related to governmental activities.

Additional information on the Town’s long-term debt can be found in Note 8 of this report.

Economic Factors and Next Year’s Budgets and Rates

As of June, 2020, the unemployment rate for the Town was 7.8%, an increase from that of 3.3% in the prior year. Connecticut’s overall unemployment rate was 10.1% at June 30, 2020, up from 3.7% a year ago. The dramatic increases in unemployment are directly attributed to the COVID-19 impact on the overall Town and State economies.

Requests for Information

The financial report is designed to provide a general overview of the Town’s finances for all those with an interest in the government’s finances. Questions concerning any of the information provided in this report or requests for additional financial information should be addressed to the Comptroller, Town Hall, 101 Field Point Road, Greenwich, CT 06830.

Basic Financial Statements

Town of Greenwich, Connecticut Exhibit I

Statement of Net Position June 30, 2020

Primary Government Governmental Business-Type Activities Activities Total Assets

Cash and cash equivalents $ 104,260,324 $ 2,588,998 $ 106,849,322 Certificates of deposit 23,383,694 - 23,383,694 Receivables, net: Property taxes 6,850,311 - 6,850,311 Accrued interest 6,181,394 - 6,181,394 Special assessments 9,973,000 - 9,973,000 Accounts receivable 6,120,977 - 6,120,977 Due from Housing Authority 828,135 - 828,135 Internal balances 16,889 (16,889) - Due from fiduciary funds 4,231,228 - 4,231,228 Inventory and prepaids 48,066 - 48,066 Restricted cash and cash equivalents 29,953,066 - 29,953,066 Capital assets: Capital assets, nondepreciable 67,018,212 4,426,193 71,444,405 Capital assets, net of accumulated depreciation 735,432,779 2,165,338 737,598,117 Total assets 994,298,075 9,163,640 1,003,461,715

Deferred outflows of resources: Deferred pension items 30,475,477 - 30,475,477 Deferred OPEB items 925,601 - 925,601 Deferred loss on refunding 263,223 - 263,223 Total deferred outflows of resources 31,664,301 - 31,664,301 Liabilities

Accounts payable 15,593,641 445,552 16,039,193 Accrued expenses 10,673,967 32,393 10,706,360 Deposits held for others 4,568,368 - 4,568,368 Due to State of Connecticut 200,075 - 200,075 Unearned revenue 1,578,084 - 1,578,084 Bond anticipation notes payable 50,000,000 - 50,000,000 Long-term liabilities: Due within one year 61,674,204 24,418 61,698,622 Due in more than one year 355,526,053 73,254 355,599,307 Total liabilities 499,814,392 575,617 500,390,009

Deferred inflows of resources: Deferred pension items 441,493 - 441,493 Deferred OPEB items 13,279,633 - 13,279,633 Advance tax collections 4,565,567 - 4,565,567 Total deferred inflows of resources 18,286,693 - 18,286,693

Net position: Net Investment in capital assets 606,273,789 6,591,531 612,865,320 Restricted for: General government 497,807 497,807 Public safety 1,370,910 - 1,370,910 Health 154,292 - 154,292 Schools 36,185 36,185 Unrestricted (deficit) (100,471,692) 1,996,492 (98,475,200)

Total net position $ 507,861,291 $ 8,588,023 $ 516,449,314

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit II

Statement of Activities For the Year Ended June 30, 2020

Net (Expense) Revenue and Changes in Net Position Program Revenues Primary Government Operating Capital Charges for Grants and Grants and Governmental Business-type Functions/Programs Expenses Services Contributions Contributions Activities Activities Total Primary government: Governmental activities: General government $ (25,166,978) $ 13,018,333 $ 926,863 $ 917,825 $ (10,303,957) $ - $ (10,303,957) Public safety (64,915,178) 1,598,905 647,860 - (62,668,413) - (62,668,413) Public works (51,764,214) 5,882,663 2,291,492 1,540,536 (42,049,523) - (42,049,523) Health (38,991,833) 26,055,380 49,178 - (12,887,275) - (12,887,275) Human services (5,040,515) 70,082 - - (4,970,433) - (4,970,433) Schools (274,204,733) 4,101,600 51,561,191 - (218,541,942) - (218,541,942) Libraries (14,954,988) 1,113,732 - - (13,841,256) - (13,841,256) Parks and recreation (19,910,507) 6,250,104 - - (13,660,403) - (13,660,403) Interest on long-term debt (2,781,185) - - - (2,781,185) - (2,781,185) Total governmental activities (497,730,131) 58,090,799 55,476,584 2,458,361 (381,704,387) - (381,704,387)

Business-type activities: Parking (2,716,855) 3,182,229 - - - 465,374 465,374 Total business-type activities (2,716,855) 3,182,229 - - - 465,374 465,374

Total primary government $ (500,446,986) $ 61,273,028 $ 55,476,584 $ 2,458,361 (381,704,387) 465,374 (381,239,013)

General revenues: Property taxes 397,412,264 - 397,412,264 Grants and contributions not restricted to specific programs - - - Miscellaneous income 284,677 - 284,677 Investment earnings 3,725,428 39,001 3,764,429 Transfers 700,000 (700,000) - Total general revenues and transfers 402,122,369 (660,999) 401,461,370

Change in net position 20,417,982 (195,625) 20,222,357

Net position - beginning 487,443,309 8,783,648 496,226,957

Net position - ending $ 507,861,291 $ 8,588,023 $ 516,449,314

See notes to financial statements. 12

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Town of Greenwich, Connecticut Exhibit III

Balance Sheet − Governmental Funds June 30, 2020

Sewer Nathaniel Total Improvement Capital Witherell Nonmajor Governmental General Fund Projects Fund Fund Governmental Funds Assets

Cash and cash equivalents $ 68,053,026 $ 2,277,797 $ 29,953,066 $ 250,815 $ 32,027,590 $ 132,562,294 Certificates of deposit 23,383,694 - - - - 23,383,694 Receivables, net of allowance for collection losses: Property taxes 6,702,914 14,435 - - 132,962 6,850,311 Special assessments - 9,973,000 - - - 9,973,000 Accrued interest - 265,948 - - - 265,948 Accounts receivable 2,148,586 - - 3,801,544 170,847 6,120,977 Due from Housing Authority 550,147 - - - 277,988 828,135 Inventory - - - - 48,066 48,066 Due from other funds 18,436,231 - 16,683,600 - 2,897,264 38,017,095

Total assets $ 119,274,598 $ 12,531,180 $ 46,636,666 $ 4,052,359 $ 35,554,717 $ 218,049,520

Liabilities

Accounts payable $ 6,118,980 $ 2,808 $ 3,806,240 $ 943,668 $ 902,098 $ 11,773,794 Accrued liabilities 9,868,889 - - 700,866 104,212 10,673,967 Deposits held for others 4,321,041 - - - 247,327 4,568,368 Due to State of Connecticut - - - - 200,075 200,075 Due to other funds 19,580,863 6,125,875 - 7,601,838 460,402 33,768,978 Unearned revenues - 4,770 - 1,259,857 313,457 1,578,084 Bond anticipation notes payable - - 50,000,000 - - 50,000,000 Total liabilities 39,889,773 6,133,453 53,806,240 10,506,229 2,227,571 112,563,266

Deferred inflows of resources: Advanced tax collections 4,447,271 14,710 - - 103,586 4,565,567 Unavailable revenue 6,267,969 10,173,603 - 2,127,710 382,906 18,952,188 Total deferred inflows of resources 10,715,240 10,188,313 - 2,127,710 486,492 23,517,755

Fund balances (deficits): Nonspendable 4,214,271 - - - 48,066 4,262,337 Restricted - - - - 1,931,193 1,931,193 Committed - - - - 31,378,571 31,378,571 Assigned 23,893,670 - - - - 23,893,670 Unassigned 40,561,644 (3,790,586) (7,169,574) (8,581,580) (517,176) 20,502,728 Total fund balances (deficits) 68,669,585 (3,790,586) (7,169,574) (8,581,580) 32,840,654 81,968,499

Total liabilities, deferred inflows of resources and fund balances (deficits) $ 119,274,598 $ 12,531,180 $ 46,636,666 $ 4,052,359 $ 35,554,717 $ 218,049,520

(Continued)

Town of Greenwich, Connecticut Exhibit III, Continued

Balance Sheet − Governmental Funds (Continued) June 30, 2020

Reconciliation of the balance sheet − governmental funds to the statement of activities:

Amounts reported for governmental activities in the statement of net activities (Exhibit I) are different because of the following:

Fund balances − total governmental funds (Exhibit III) $ 81,968,499

Capital assets used in governmental activities are not financial resources and, therefore, are not reported in the funds: Governmental capital assets $ 1,298,951,623 Less accumulated depreciation (496,500,632) 802,450,991

Certain assets are not available to pay for current-period expenditures and, therefore, are deferred or not recorded in the funds: Property tax receivables not collected in 60 days 5,717,822 Assessments and other receivables not currently available 13,234,366 Interest receivable on property taxes 5,915,446

Deferred outflows and inflows related to pension and OPEB benefits Deferred pension items 30,475,477 Deferred OPEB items 925,601 Deferred OPEB items (441,493) Deferred pension items (13,279,633)

Internal service funds are used by management to charge the costs of risk management to individual funds. The assets and liabilities of the internal service funds are reported with governmental activities in the statement of activities. 1,648,096

Deferred loss on refunding 263,223

Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds: Bonds payable (157,705,000) Net OPEB liability (26,265,755) Net pension liability (155,822,941) Interest payable on bonds (3,816,847) Premiums on bonds (16,275,236) Clean water fund notes (2,150,432) Compensated absences (16,569,048) Self-insurance claims (11,811,845) Pollution remediation (28,000,000) Other claims (2,600,000)

Net position of governmental activities (Exhibit I): $ 507,861,291

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit IV

Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) − Governmental Funds For the Year Ended June 30, 2020

Sewer Nathaniel Other Total Improvement Capital Witherell Governmental Governmental General Fund Projects Fund Fund Funds Funds Revenues: Property taxes $ 385,892,180 $ 3,060,407 $ - $ - $ 8,793,817 $ 397,746,404 Licenses and permits 4,703,715 - - - 1,007,763 5,711,478 Fines, forfeitures and penalties 1,191,392 - - - - 1,191,392 Other revenues 6,906,158 - 276,048 76,522 1,366,511 8,625,239 Charges for services 13,644,748 23,445 - 26,280,535 3,886,422 43,835,150 Use of money and property 2,862,659 20,693 413,077 - 428,999 3,725,428 Intergovernmental revenues 35,955,335 - 1,517,784 - 6,552,397 44,025,516 Total revenues 451,156,187 3,104,545 2,206,909 26,357,057 22,035,909 504,860,607

Expenditures: Current: General government 26,505,099 - - - 1,122,096 27,627,195 Public safety 61,672,084 - - - 91,543 61,763,627 Public works 29,582,589 - - - 4,373,524 33,956,113 Health 9,920,590 - - 28,090,786 188,534 38,199,910 Human services 5,040,515 - - - - 5,040,515 Schools 232,610,360 - - - 6,760,548 239,370,908 Libraries 14,693,574 - - - - 14,693,574 Parks and recreation 15,950,672 - - - 1,348,405 17,299,077 Debt service: State loan repayment − principal - 466,324 - - 466,324 Principal retirements 38,392,800 2,938,400 - 1,123,800 - 42,455,000 Interest and other charges 5,672,878 1,025,138 - 731,001 - 7,429,017 Capital outlay - 495,879 43,039,454 778,352 4,631,958 48,945,643 Total expenditures 440,041,161 4,925,741 43,039,454 30,723,939 18,516,608 537,246,903

Excess (deficiency) of revenues over expenditures 11,115,026 (1,821,196) (40,832,545) (4,366,882) 3,519,301 (32,386,296)

Other financing sources (uses): Issuance of bonds - - 40,000,000 - - 40,000,000 Premium on bonds - - 4,940,400 - - 4,940,400 Transfers in 7,655,170 1,350,000 10,214,742 3,000,000 679,663 22,899,575 Transfers out (12,917,000) - (4,792,357) (240,758) (4,249,460) (22,199,575) Total other financing sources (uses) (5,261,830) 1,350,000 50,362,785 2,759,242 (3,569,797) 45,640,400

Net changes in fund balances (deficits) 5,853,196 (471,196) 9,530,240 (1,607,640) (50,496) 13,254,104

Fund balances (deficits), beginning 62,816,389 (3,319,390) (16,699,814) (6,973,940) 32,891,150 68,714,395

Fund balances (deficits), ending$ 68,669,585 $ (3,790,586) $ (7,169,574) $ (8,581,580) $ 32,840,654 $ 81,968,499

(Continued)

Town of Greenwich, Connecticut Exhibit IV, Cont'd

Statement of Revenues, Expenditures and Changes in Fund Balances (Deficits) − Governmental Funds (Continued) For the Year Ended June 30, 2020

Reconciliation of the statement of revenues, expenditures and changes in fund balances (deficits) to the statement of activities: Amounts reported for governmental activities in the statement of activities (Exhibit II) are different because of the following:

Net change in fund balances (deficits) − total governmental funds (Exhibit IV) $ 13,254,104

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. Capital outlay 49,154,549 Depreciation expense (33,422,298) Loss on disposal of capital assets (193,814)

Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds. Change in property taxes and assessments collected after 60 days 69,401 Change in other receivables (1,507,952) Change in interest receivable on property taxes 346,987

Deferred outflows and inflows related to pension and OPEB benefits Change in deferred pension expense 21,801,268 Change in deferred OPEB expense 755,697 Change in deferred OPEB credit 884,387 Change in deferred pension credit 3,605,278

The issuance of long-term debt (e.g., bonds, leases) provides current financial resources to governmental funds, while the repayment of the principal of long-term debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the effect of premiums, discounts and similar items when debt is first issued, whereas these amounts are deferred and amortized in the statement of activities. The following is a listing of the differences: Issuance of debt (40,000,000) Premium on debt issuance (4,940,400) Deferred loss on refunding (263,221) Amortization of premium on refunding bond 325,085 Amortization of premium on general obligation bonds 4,282,694 Principal payments 42,921,324 Accrued interest 351,255

Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds. Change in long-term compensated absences 230,414 Change in net pension liability (30,025,882) Change in net OPEB liability 1,286,238 Change in pollution remediation (13,000,000) Change in accrued self-insurance claims 2,211,750

Internal service funds are used by management to charge costs to individual funds. The net loss of certain activities of internal service funds is reported with governmental activities. 2,291,118

Change in net position of governmental activities (Exhibit II) $ 20,417,982

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit V

Statement of Net Position − Proprietary Funds June 30, 2020

Business-Type Governmental Activities Activities Enterprise Internal Service Fund Fund Parking Risk Reserve Fund Fund Assets

Current assets: Cash and cash equivalents $ 2,588,998 $ 1,651,096 Total current assets 2,588,998 1,651,096

Noncurrent assets: Capital assets, nondepreciable 4,426,193 - Capital assets, net of accumulated depreciation 2,165,338 - Total noncurrent assets 6,591,531 -

Total assets 9,180,529 1,651,096

Liabilities

Current liabilities: Accounts payable 445,552 3,000 Accrued liabilities 32,393 - Due to other funds 16,889 - Compensated absences 24,418 - Total current liabilities 519,252 3,000

Long-term liabilities: Compensated absences 73,254 - Total liabilities 592,506 3,000

Fund net position: Net investment in capital assets 6,591,531 - Unrestricted 1,996,492 1,645,096

Total fund net position $ 8,588,023 $ 1,648,096

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit VI

Statement of Revenues, Expenses and Changes in Fund Net Position (Deficit) − Proprietary Funds For the Year Ended June 30, 2020

Business-Type Governmental Activities Activities Enterprise Internal Service Fund Fund Parking Risk Reserve Fund Fund Operating revenues: Meters and parking licenses $ 2,961,573 $ - Miscellaneous 220,656 - Charges for services - 3,000,000 Total operating revenues 3,182,229 3,000,000

Operating expenses: Parking − operating costs 1,109,829 - Salaries expense 1,347,835 - Claims - 725,565 Depreciation 259,191 - Total operating expenses 2,716,855 725,565

Operating income 465,374 2,274,435

Nonoperating revenues: Interest income 39,001 16,683 Total nonoperating revenues 39,001 16,683

Net income before transfers 504,375 2,291,118

Transfers out (700,000) -

Change in fund net position (deficit) (195,625) 2,291,118

Fund net position (deficit), beginning 8,783,648 (643,022)

Fund net position, ending $ 8,588,023 $ 1,648,096

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit VII

Statement of Cash Flows − Proprietary Funds For the Year Ended June 30, 2020

Business-Type Governmental Activities Activities Enterprise Internal Service Fund Fund Parking Risk Reserve Fund Fund Cash flows from operating activities: Receipts from customers and users $ 3,071,901 $ 2,355,358 Payments for claims - (725,565) Payments to employees (1,365,602) - Payments to suppliers (695,925) - Net cash provided by operating activities 1,010,374 1,629,793

Cash flows from capital and related financing activities: Purchase of property and equipment (563,749) - Net cash used in capital and related financing activities (563,749) -

Cash flows from noncapital financing activities: Transfers out (700,000) - Net cash used in noncapital financing activities (700,000) -

Cash flows from investing activities: Interest received on investments 39,001 16,683 Net cash provided by investing activities 39,001 16,683

Net (decrease) increase in cash and cash equivalents (214,374) 1,646,476

Cash and cash equivalents Beginning 2,803,372 1,620

Ending $ 2,588,998 $ 1,648,096

Reconciliation of operating income to net cash provided by operating activities: Operating income $ 465,374 $ 2,274,435 Adjustments to reconcile operating income to net cash provided by operating activities: Depreciation 259,191 - Changes in assets and liabilities: Decrease in deferred revenue (110,328) - Increase in accounts payable 345,739 3,000 Increase in accrued expenses 5,148 - Increase in compensated absences (22,915) - Increase (decrease) in due to other funds 68,165 (644,642) Net cash provided by operating activities $ 1,010,374 $ 1,632,793

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit VIII

Statement of Fiduciary Net Position − Fiduciary Funds June 30, 2020

Agency Fund Student Fiduciary Activities Trust Funds Fund Assets

Cash and cash equivalents $ 11,550,143 $ 967,413 Accounts receivable 1,110,192 - Investments: Alternatives 111,784,046 - Collective investment trusts 169,913,810 - Common stock 86,851,897 - Exchanged traded funds 70,418,359 Fixed income 32,897,667 - Mutual funds 39,925,684 - U.S. Treasury bill 1,797,281 Real estate investment trusts 43,288 Rights/warrants 957 Total assets 526,293,324 967,413

Liabilities

Accounts payable 335,693 - Due to other funds 4,231,228 - Due to student groups - 967,413 Total liabilities 4,566,921 967,413

Net position: Restricted for OPEB benefits 29,316,148 - Restricted for pension benefits 492,410,255 -

Total net position $ 521,726,403 $ -

See notes to financial statements.

Town of Greenwich, Connecticut Exhibit IX

Statement of Changes in Fiduciary Net Position − Fiduciary Funds For the Year Ended June 30, 2020

Fiduciary Trust Funds Additions: Contributions: Employer $ 27,338,448 Plan members 4,101,188 Miscellaneous 1,187,473 Total contributions 32,627,109

Investment income: Net depreciation in fair value of investments (256,533) Interest and dividends 7,484,446 7,227,913 Less investment expenses: Investment management fees 573,030 Net investment income 6,654,883

Total additions 39,281,992

Deductions: Benefits 38,505,024 Administrative costs 607,022 Contributions refunded 107,007 Total deductions 39,219,053

Net increase 62,939

Restricted net position: Beginning of year 521,663,464

End of year $ 521,726,403

See notes to financial statements.

22 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies Reporting entity: The Town of Greenwich, Connecticut (the Town) was incorporated in 1656 under the provisions of the Connecticut General Statutes. The Town operates under and is governed by a Representative Town Meeting (RTM), Board of Estimate and Taxation (BET) and Board of Selectmen. The Town provides a full range of services including public safety, street maintenance and sanitation, health and human services, public parks and recreation, library, education, culture, public improvement, planning, zoning, sewer and general administrative services to its residents.

Accounting principles generally accepted in the United States of America (GAAP) require that the reporting entity include the primary government and its component units, entities for which the government is considered to be financially accountable, all organizations for which the primary government is financially accountable, and other organizations which by the nature and significance of their relationship with the primary government would cause the financial statements to be incomplete or misleading if excluded. No such entities are included in the accompanying financial statements.

Basis of presentation: The accompanying financial statements conform to GAAP as applicable to governments. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. The more significant of the Town’s accounting policies are described below.

Government-wide and fund financial statements: The government-wide financial statements (i.e., the statement of net position and the statement of activities) report information on all of the non-fiduciary activities of the primary government. For the most part, the effect of interfund activity has been removed from these statements. Governmental activities, which normally are supported by taxes and intergovernmental revenues, are reported separately from business-type activities, which rely to a significant extent on fees and charges for support.

The statement of activities demonstrates the degree to which the direct expenses of a given function or segment is offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include 1) charges to customers or applicants who purchase, use or directly benefit from goods, services or privileges provided by a given function or segment and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate fund financial statements are provided for governmental funds, proprietary funds and fiduciary funds, even though the latter are excluded from the government-wide financial statements. Major individual governmental funds and major individual enterprise funds are reported as separate columns in the fund financial statements.

Measurement focus, basis of accounting and financial statement presentation: The government- wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the proprietary fund and fiduciary fund financial statements. Agency funds, however, have no measurement focus.

Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Property taxes are recognized as revenues in the year for which they are levied. Grants and similar items are recognized as revenue as soon as all eligibility requirements imposed by the provider have been met.

23 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Revenues are recognized as soon as they are both measurable and available. Revenues are considered to be available when they are collectible within the current period or soon enough thereafter to pay liabilities of the current period.

For this purpose, the Town considers revenues to be available if they are collected within 60 days of the end of the current fiscal period.

Property taxes when levied for, intergovernmental revenue when eligibility requirements are met, licenses, charges for services and interest associated with the current fiscal period are all considered to be measurable and so have been recognized as revenue of the current fiscal period, if available. All other revenue items are considered to be measurable only when cash is received by the Town.

Expenditures generally are recorded when a liability is incurred, as under accrual accounting. However, debt service expenditures, as well as expenditures related to compensated absences, pension, other post-employment benefit obligations, claims and judgments, are recorded only when payment is due (matured).

The Town reports the following major governmental funds:

General Fund: The General Fund is the major operating fund of the Town. All unrestricted resources except those required to be accounted for in another fund are accounted for in this fund. The General Fund pays all general operating expenditures, debt service and the capital improvement costs of the Town which are not paid through other funds. The fund will also liquidate the liability for compensated absences, net pension obligation, and other post-employment benefit obligations.

Sewer Improvement Fund: This fund is authorized by Special Act No. 292 or 1949 (Town Charter or Code) to build sanitary sewers for the Town and benefited property owners. Expenditures are made for the construction of new sewers and the reconstruction of existing sewers. The major sources of revenue for this fund are special assessments levied to benefited property owners, issuance of connection (and other special) permits, a special property tax, if needed, and Federal and State grants/loans.

Capital Projects Fund: This fund is used to account for various acquisitions, renovations and construction projects. The major sources of revenue for this fund are capital grants and the proceeds from the issuance of general obligation bonds.

Nathaniel Witherell Fund: This fund is used to account for the skilled nursing facility. The major sources of revenue are charges for services for residents.

The Town reports the following major enterprise funds:

Parking Fund: This fund accounts for all the operations of public parking areas covered under the Public Parking Special Act. The primary source of revenue for this fund is parking permits/fees.

Additionally, the Town reports the following fund types:

Internal Service Fund: Risk Reserve is used to accumulate funds to pay for future unanticipated claims against the Town.

Pension Trust Funds: account for the activities of the Town’s defined benefit pension plans, which accumulate resources for pension benefit payments to qualified employees.

24 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) Other Postemployment Benefit (OPEB) Trust Fund: accounts for monies used to fund retirees’ health benefits.

Agency Funds: account for monies held as custodian for various student groups.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements. Exceptions to this general rule are charges between the parking fund and various other functions of the government. Elimination of these charges would distort the direct costs and program revenues reported for the various functions concerned.

Amounts reported as program revenues include: 1) charges to customers or applicants for goods, services or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than as program revenues. Likewise, general revenues include all taxes.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the proprietary funds are charges to customers for services. Operating expenses for the funds include the cost of operations and maintenance, and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

Cash equivalents: The Town considers all highly liquid investments and those with original maturities of three months or less when purchased to be cash equivalents.

Restricted cash: Certain assets are classified as restricted because their use is limited. Restricted cash is to be used for construction purposes.

Investments: Investments are primarily stated at fair value as defined below. Investment income is recognized when earned and gains and losses on sales or exchanges of investments are recognized on the transaction date. Unrealized gains and losses due to appreciation and depreciation of Plan assets are also recognized at fiscal year-end between reporting periods.

The pension funds allow for investments in certain alternative investments. Alternative investments may include private equity partnerships, hedge and absolute return funds for which there may be no ready market to determine fair value. These investments are valued using the most recent valuation available from the external fund manager that represents the net asset value of these funds. These estimated values do not necessarily represent the amounts that will ultimately be realized upon the disposition of those assets, which may be materially higher or lower than values determined if a ready market for the investments existed.

The Connecticut State Treasurer’s Short-Term Investment Fund is an investment pool managed by the State of Connecticut Office of the State Treasurer. Investments must be made in instruments authorized by Connecticut General Statutes 3-27c through 3-27e. Investment guidelines are adopted by the State Treasurer. The cash portfolio adheres to GASB Statement No. 79, Certain Investment Pools and Pool Participants establishes accounting and financial reporting standards for state and local governments that participate in a qualifying external investment pool that values for financial reporting purposes all of its investments at amortized cost.

25 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) Fair value: The Town uses fair value measurements to record fair value adjustments to certain assets and to determine fair value disclosures. Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Fair value is best determined based upon quoted market prices. However, in certain instances, there are no quoted market prices for certain assets or liabilities. In cases where quoted market prices are not available, fair values are based on estimates using present value or other valuation techniques. Those techniques are significantly affected by the assumptions used, including the discount rate and estimates of future cash flows.

Fair value measurements focus on exit prices in an orderly transaction (that is, not a forced liquidation or distressed sale) between market participants at the measurement date under current market conditions. If there has been a significant decrease in the volume and level of activity for the asset or liability, a change in valuation technique or the use of multiple valuation techniques may be appropriate. In such instances, determining the price at which willing market participants would transact at the measurement date under current market conditions depends on the facts and circumstances and requires the use of significant judgment.

The Town’s fair value measurements are classified into a fair value hierarchy based on the markets in which the assets and liabilities are traded and the reliability of the assumptions used to determine fair value.

The three categories within the hierarchy are as follows:

Level 1: Quoted prices in active markets for identical assets and liabilities.

Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly, including quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, interest rates and yield curves observable at commonly quoted intervals, implied volatilities, credit spreads, and market-corroborated inputs.

Level 3: Unobservable inputs shall be used to measure fair value to the extent that relevant observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. Level 3 assets and liabilities include financial instruments whose value is determined using pricing models, discounted cash flows methodologies, or similar techniques, as well as instruments for which the determination of fair value requires significant management judgement.

Investments measured at the net asset value (NAV): Investments valued using the net asset value (NAV) per share (or its equivalent) as a practical expedient are considered “alternative investments” and, unlike more traditional investments, generally do not have readily obtainable market values and take the form of limited partnerships. The Town values these investments based on the partnerships’’ audited financial statements. If June 30 statements are available, those values are used preferentially. However, some partnerships have fiscal years ending at other than June 30. If June 30 valuations are not available, the value is progressed from the most recently available valuation taking into account subsequent calls and distributions

See Note 2 for additional information regarding fair value.

26 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) Accounting estimates: The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets, deferred outflows of resources and contingent liabilities and deferred inflows of resources at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Allowance for doubtful accounts: Accounts and notes receivable, including property taxes receivable, for the primary government are reported net of allowance for doubtful accounts. The allowance for doubtful accounts represents those accounts that are deemed uncollectible based upon past collection history and an assessment of the debtor’s ability to pay.

Interfunds: Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either due to/from other funds (i.e., the current portion of interfund loans) or advances to/from other funds (i.e., the noncurrent portion of interfund loans).

Property taxes: The Town’s property tax is levied each July 1, on the assessed value listed on the prior October 1 Grand List for all taxable property located in the Town. Although taxes are levied in June, the legal right to attach the property does not exist until July 1. Therefore, taxes are due and payable in equal installments on July 1 and January 1, following the date of the Grand List. Interest of 1½ percent per month is charged on delinquent taxes.

Liens are effective on the attachment date and are continued by filing prior to the following levy date. Additional property taxes are assessed for motor vehicles registered subsequent to the Grand List date through July 31 and are payable in one installment due January 1. Property tax receivables are reported net of an allowance for uncollected receivables. An amount of $1,523,782 has been established as an allowance for uncollectible taxes. At June 30, 2020, this represents approximately 18.5% of all property taxes receivable.

Inventories: Inventories of government fund types are stated at cost using the consumption method on the first-in, first-out basis.

Capital assets: Capital assets, which include property, plant, equipment and infrastructure assets (e.g., roads, bridges, sidewalks and similar items), are reported in the applicable governmental or business- type activities columns in the government-wide financial statements and the proprietary fund financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than $10,000 for machinery and equipment and $25,000 for buildings and improvements and an estimated useful life in excess of two years. Such assets are recorded at historical cost or estimated historical cost if purchased or constructed. Donated capital assets are recorded at estimated acquisition value at the date of donation. Infrastructure assets acquired prior to fiscal years ending after June 30, 1980 are included.

The costs of normal maintenance and repairs that do not add to the value of the asset or materially extend assets lives are not capitalized.

Major outlays for capital assets and improvements are capitalized as projects are constructed.

27 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) Property, plant and equipment of the Town is depreciated using the straight-line method over the following estimated useful lives:

Assets Years

Buildings 50 Land improvements 20 Public domain infrastructure 20-50 Machinery and equipment 5-20

Capital assets are reported as expenditures and no depreciation expense is reported in the governmental fund financial statements.

Compensated absences: A number of Town employees accumulate vacation, sick and compensatory leave hours for subsequent use or for payment upon termination or retirement. Vacation, sick and compensatory leave expenses to be paid in future periods are accrued when incurred in the government- wide and proprietary fund financial statements. A liability for these amounts is reported in governmental funds only for the amounts that have become due. Amounts for compensated absences are generally liquidated by the General Fund.

Deferred outflows/inflows of resources: In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net position or fund balance that applies to a future period or periods and so will not be recognized as an outflow of resources (expense/expenditure) until then. The Town reports a deferred charge on refunding and deferred outflows related to pension and OPEB in the government-wide statement of net position. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt. A deferred outflow of resources related to pension and OPEB results from differences between expected and actual experience, changes in assumptions or other inputs. These amounts are deferred and included in pension and OPEB expense in a systematic and rational manner.

In addition to liabilities, the statement of net position will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net position or fund balance that applies to a future period or periods and so will not be recognized as an inflow of resources (revenue) until that time. The Town reports a deferred inflow of resources related to pensions and OPEB in the government-wide statement of net position. A deferred inflow of resources related to pension and OPEB results from differences between expected and actual experience, changes in assumptions or other inputs. These amounts are deferred and included in pension and OPEB expense in a systematic and rational manner. Also, for governmental funds, the Town reports unavailable revenue, which arises only under the modified accrual basis of accounting. The governmental funds report unavailable revenues from property taxes and special assessments. These amounts are deferred and recognized as an inflow of resources (revenue) in the period during which the amounts become available. Advance property tax collections represent taxes inherently associated with a future period. This amount is recognized during the period in which the revenue is associated.

Long-term obligations: In the government-wide and proprietary fund financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, business-type activities or proprietary fund type statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight line method. Bonds payable are reported include bond premium or discount. Bond issuance costs are expensed as incurred. 28 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) In the fund financial statements, governmental fund types recognize bond premiums and discounts during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses. Issuance costs, whether or not withheld from the actual debt proceeds received and principal payments, are reported as debt service expenditures.

Fund equity and net position: Equity in the government-wide and proprietary and fiduciary fund financial statements is defined as “net position” and is classified in the following categories:

Net investment in capital assets: This component of net position consists of capital assets, net of accumulated depreciation and reduced by the outstanding balances of any bonds, notes or other borrowings that are attributable to the acquisition, construction or improvement of those assets. Deferred outflows of resources and deferred inflows of resources that are attributable to the acquisition, construction, or improvement of those assets or related debt are included in this component of net position.

Restricted net position: These amounts are restricted to specific purposes when constraints placed on the use of resources are either (a) externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislations.

Unrestricted net position: This component consists of net positions that do not meet the definition of “restricted” or “net investment in capital assets.”

The equity of the governmental fund financial statements is defined as “fund balance” and is classified in the following categories:

Nonspendable fund balance: This represents amounts that cannot be spent due to form (e.g., inventories and prepaid amounts).

Restricted fund balance: These amounts are restricted to specific purposes when constraints placed on the use of resources are either (a) externally imposed by creditors (such as debt covenants), grantors, contributors, or laws or regulations of other governments; or (b) imposed by law through constitutional provisions or enabling legislations.

Committed fund balance: This represents amounts constrained for a specific purpose by a government using its highest level of decision-making authority. The BET is the highest level of decision making authority for the Town and can commit fund balance through the adoption of a resolution prior to the end of the fiscal year. Once adopted, the limitation imposed by the resolution remains in place until similar action is taken to remove or revise the limitation.

Assigned fund balance: Amounts constrained for the intent to be used for specific purpose by a governing board or a body or official that has been delegated authority to assign amounts. These amounts are approved and assigned by the BET, the RTM, Purchasing and Finance Departments. The balance also includes encumbrances assigned for goods and services.

Unassigned fund balance: This represents fund balance in the General Fund in excess of nonspendable, restricted, committed and assigned fund balance. If another governmental fund has a fund balance deficit, it is reported as a negative amount in unassigned fund balance.

29 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) When both restricted and unrestricted amounts are available for use, it is the Town's practice to use restricted resources first. Additionally, the Town would first use committed, then assigned, and lastly unassigned.

Improvement appropriations continued in force: Uncommitted balances of current year capital improvement appropriations can be extended for one year if approved by the BET. The authority to extend the uncommitted balances has been conferred on the BET under provisions of the Town Charter.

For budgetary comparisons, the budget basis considers such improvement appropriations continued in force as expenditures.

Encumbrances: Encumbrance accounting, under which purchase orders, contracts and other commitments for the expenditure of monies are recorded in order to reserve that portion of the applicable appropriation, is used in all budgetary funds. For budgetary comparisons, the budget basis considers such encumbrances as expenditures.

Pension accounting:

Pension trust funds: Employee contributions are recognized in the period in which the contributions are due. Employer contributions to the plan are recognized when due and the Town has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of each plan. Investments are reported at fair value.

Net pension liability: The net pension liability is measured as the portion of the actuarial present value of projected benefits that is attributed to past periods of employee service (total pension liability), net of the pension plan’s fiduciary net position. The pension plan’s fiduciary net position is determined using the same valuation methods that are used by the pension plan for purposes of preparing its statement of fiduciary net position. The net pension liability is measured as of a date (measurement date) no earlier than the end of the employer’s prior fiscal year, consistently applied from period to period.

Governmental funds: In governmental funds, expenditures are recognized when they are paid or are expected to be paid with current available resources.

Funding policy: The Town is required to contribute 100% of the actuarially determined amount as mandated by Town Charter. Administrative costs are paid for out of the plan assets.

OPEB accounting:

OPEB Trust Fund: Employee contributions are recognized in the period in which the contributions are due. Employer contributions to the plan are recognized when due and the Town has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of each plan. Investments are reported at fair value.

Net OPEB liability: The net OPEB liability is measured as the portion of the actuarial present value of projected benefits that is attributed to past periods of employee service (total OPEB liability), net of the OPEB plan’s fiduciary net position. The OPEB plan’s fiduciary net position is determined using the same valuation methods that are used by the OPEB plan for purposes of preparing its statement of fiduciary net position. The net OPEB liability is measured as of a date (measurement date) no earlier than the end of the employer’s prior fiscal year, consistently applied from period to period. The net OPEB liability is reported in the statement of net position. In the governmental funds, expenditures are recognized when they are paid or are expected to be paid with current available resources.

30 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 1. Summary of Significant Accounting Policies (Continued) Funding policy: The Town makes annual contributions based on the BET’s decisions using the actuaries’ recommendation.

Note 2. Deposits and Investments Deposit policies: The Town has a policy that deposits can include demand and savings accounts and certificates of deposits. For custodial credit risk, the Town’s policy conforms to the State of Connecticut requirements that each depository maintain segregated collateral in an amount equal to a defined percentage of its public deposits based upon the bank’s risk-based capital ratio.

Investment policies: The investment and credit risk policies of the Town conform to the policies as set forth by the State of Connecticut. The Town policy allows investments in the following: 1) obligations of the United States and its agencies; 2) highly rated obligations of any state of the United States or of any political subdivision, authority or agency thereof; and 3) shares or other interests in custodial arrangements or pools maintaining constant net asset values in highly rated no-load, open end money market and mutual funds (with constant or fluctuating net asset values) whose portfolios are limited to obligations of the United States and its agencies, and repurchase agreements fully collateralized by such obligations. The Statutes (Sections 3−24f and 3−27f) also provide for investment in shares of the Connecticut Short-Term Investment Fund.

Other provisions of the Statutes cover specific municipal pension and other post-employment benefit trust funds with particular investment authority and do not specify permitted investments. Therefore, investment of such funds is generally controlled by the laws applicable to fiduciaries (i.e., prudent person rule) and the provisions of the applicable plan. Their approved policies target an asset mix to provide the probability of meeting or exceeding the return objectives at the lowest possible risk.

Custodial credit risk:

Deposits: This is the risk that, in the event of failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party.

Based on the criteria described in GASB Statement No. 40, Deposits and Investment Risk Disclosures, $68,206,749 of the Town’s bank balance of $76,839,001 was exposed to custodial credit risk as follows:

Uninsured and uncollateralized $ 68,206,749 Uninsured and collateral held by the pledging bank's trust department, not in the Town's name 8,632,252 Total amount subject to custodial credit risk $ 76,839,001

31 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 2. Deposits and Investments (Continued) Cash equivalents: Cash equivalents are short-term, highly liquid investments that are both readily convertible to known amounts of cash and purchased within three months of maturity. The following table provides a summary of the Town’s cash equivalents (excluding U.S. government guaranteed obligations as rated by nationally recognized statistical rating organizations. The pools have maturities of less than one year.

Standard and Poor's Cash equivalents ratings: Dreyfus Treasury Obligations Cash Management (CD Program) AAAm First American Government Obligations Fund* State of Connecticut Short-Term Investment Fund (STIF) AAAm Vanguard Federal Money Market fund*

* Not rated

Cash, cash equivalents and investments of the Town and the Plans consist of the following at June 30, 2020:

Cash and cash equivalents: Deposits with financial institutions $ 78,654,440 Cash equivalents 70,665,504 Total cash and cash equivalents 149,319,944

Investments: General fund: Certificates of deposit 23, 383,694 Trust and agency funds: Alternatives Private equity funds 78,079,173 Private debt 23,942,071 Real estate funds 9,762,802 Collective investment trusts 169,913,810 Common stock 86,851,897 Exchanged traded funds 70,418,359 Fixed income funds 32,897,667 Mutual funds 39,925,684 U.S. Treasury bills 1,797,281 Master Limited Partnerships 43,288 Rights/warrants 957 Total investments 537,016,683 Total cash, cash equivalents and investments $ 686,336,627

32 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 2. Deposits and Investments (Continued) Cash, cash equivalents and investments are classified in the accompanying financial statements as follows:

Statement of net position: Cash, restricted cash and cash equivalents $ 136,802,388 Certificates of deposit 23,383,694 160,186,082

Fiduciary funds: Cash and cash equivalents 12,517,556 Investments 513,632,989 526,150,545 Total cash, cash equivalents and investments $ 686,336,627

Investments: Information about the exposure of the Town Pension and OPEB debt-type investments to interest rate risk using the segmented time distribution model is as follows:

Investment Maturities (in Years) Fair Less Than 1-5 6-10 Over Type of Investment Value 1 Year Years Years 10 Years

Fixed income funds $ 32,897,667 $ 2,452,617 $ 11,416,993 $ 15,144,995 $ 3,833,063

Interest rate risk: The Town and the Pension and OPEB trust funds limit exposure to fair value losses arising from changes in interest rates by structuring the investment portfolio so that securities mature to meet cash requirements for ongoing operations, thereby avoiding the need to sell securities on the open market prior to maturity, and investing operating funds primarily in shorter-term securities, money market mutual funds or similar investment pools.

Concentration risk policy: The Town has a policy limiting investment in any approved bank fund to no more than 5% of the total assets of the fund (Pension 8% and OPEB 5%).

Credit risk - Investments: As indicated above, state statutes limit the investment options of cities and towns, excluding the pension and OPEB trusts. The Town has an investment policy that allows the same type of investments as state statutes.

33 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 2. Deposits and Investments (Continued) Custodial credit risk: Custodial credit risk for an investment is the risk that, in the event of the failure of the counterparty (the institution that pledges collateral or repurchase agreement securities to the Town, including the pension and OPEB trusts, or that sells investments to or buys them for the Town, including pension and OPEB trusts), the Town, including pension and OPEB trusts, will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The Town does not have a policy for custodial credit risk. At June 30, 2020, the Town did not have any uninsured and unregistered securities held by the counterparty or by its trust department or agent that were not in the Town’s name.

Fixed Average Rating Income Funds

AAA $ 12,687,358 AA 556,371 A 785,576 BBB 1,821,642 BB 9,107,601 B 5,593,646 Below B 2,206,312 Unrated 139,161 $ 32,897,667

34 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 2. Deposits and Investments (Continued) Fair value: The Plan categorizes its fair value measurements within the fair value hierarchy established by generally accepted accounting principles. The Plan has the following recurring fair value measurements as of June 30, 2020:

Fair Value Measurements Using Quoted Prices in Active Significant Significant Markets for Other Other Identical Observable Observable Assets Inputs Inputs June 30, 2020 (Level 1) (Level 2) (Level 3) Investments by fair value level: Equity securities: Common stock $ 86,851,897 $ 86,851,897 $ - $ - Exchanged traded funds 70,418,359 70,418,359 - - Mutual funds 39,925,684 39,925,684 - - Total equity securities 197,195,940 197,195,940 - -

Debt securities: Fixed income funds 32,897,667 - 32,897,667 - Total debt securities 32,897,667 - 32,897,667 -

Master Limited Partnerships 43,288 43,288 Rights/warrants 957 - 957 - U.S. Treasury Bills 1,797,281 - 1,797,281 - Certificates of deposit 23,383,694 - 23,383,694 - Total investments by fair value level 255,318,827 $ 197,239,228 $ 58,079,599 $ -

Investments measured at the net asset value (NAV): Collective investment trust 169,913,810 Private equity funds 78,079,173 Private debt 23,942,071 Real estate funds 9,762,802 Total investments at the NAV 281,697,856 Total investments $ 537,016,683

Debt and equity securities: Debt securities classified in Level 2 of the fair value hierarchy are valued using a matrix pricing technique. Matrix pricing is used to value securities based on the securities’ relationship to benchmark quoted prices.

Collective investment trusts: This type is operated by a bank or trust company and handles a group of pooled trust accounts. The bank, acting as a fiduciary, has a legal title to the assets; however, those participating in the fund own participating shares. The fair values of the investments in this type have been determined using the NAV per share (or its equivalent), as determined by the bank or trust company who is operating as the fiduciary.

Private equity funds: This type includes limited partnership funds. These investments can never be redeemed with the funds. Instead, the nature of the investments in this type is that distributions are received through the liquidation of the underlying assets of the fund capital. The fair values of the investments in this type have been determined using the NAV per share (or its equivalent), as determined by fund managers or sponsor of the respective funds, of the Plan’s ownership interest in partners’ capital.

35 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 2. Deposits and Investments (Continued) Private debt funds: This type includes limited partnership funds specifically invested in private debt instruments. These investments can never be redeemed with the funds. Instead, the nature of the investments in this type is that distributions are received through the liquidation of the underlying assets of the fund capital. The fair values of the investments in this type have been determined using the NAV per share (or its equivalent), as determined by fund managers or sponsor of the respective funds, of the Plan’s ownership interest in partners’ capital.

Real estate funds: This type includes real estate investments in U.S. residential, hotel, industrial office, retail, land, and development properties. The fair value of this investment has been determined using NAV per share (or its equivalent) of the plan’s ownership interest in partners’ capital. The fair values of the investments in this type have been determined using the NAV per share (or its equivalent), as determined by fund managers or sponsor of the respective funds, of the Plan’s ownership interest in partners’ capital.

The following table presents the unfunded commitments, redemption frequency (if currently eligible), and the redemption notice period for the Town’s alternative investments measured at NAV:

Redemption Frequency Redemption Fair Unfunded (If Currently Notice Value Commitments Eligible) Period Investments Measured at the NAV: Collective investment trusts $ 169,913,810 $ - Daily One day Private equity funds 78,079,173 75,827,911 Illiquid Illiquid Private debt funds 23,942,071 4,961,761 Illiquid Illiquid Real estate funds 9,762,802 9,419,219 Illiquid Illiquid Total investments measured at the NAV$ 281,697,856 $ 90,208,891

Note 3. Receivables Receivables as of year-end for the Town’s individual major funds, and nonmajor and fiduciary funds in the aggregate, including the applicable allowances for uncollectible accounts, are as follows:

Nathaniel Nonmajor Sewer Witherell and Other General Improvement Fund Funds Total Receivables: Taxes $ 8,226,696 $ 14,435 $ - $ 132,962 $ 8,374,093 Accounts receivable 2,148,586 - 4,348,805 170,847 6,668,238 Special assessments - 9,973,000 - - 9,973,000 Interest receivable - 265,948 - - 265,948 Due from Housing Authority 550,147 - - 277,988 828,135 Gross receivables 10,925,429 10,253,383 4,348,805 581,797 26,109,414

Less allowance for uncollectibles (1,523,782) - (547,261) - (2,071,043) Net receivables $ 9,401,647 $ 10,253,383 $ 3,801,544 $ 581,797 $ 24,038,371

The table excludes interest receivable on property taxes. 36 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 4. Deferred Inflows of Resources/Unearned Revenue – Governmental Funds Deferred Inflows Unearned General fund: Unavailable Revenue $ 5,717,822 $ - Due from Housing Authority 550,147 - Advanced collections 4,447,271 -

Sewer improvement fund: Special assessments and taxes receivable 10,188,313 4,770

Nathaniel Witherell Fund Intergovernmental receivables 2,127,710 1,259,857

Nonmajor funds: Sewer maintenance fees 104,918 - Loans receivable 277,988 - Intergovernmental receivables - 313,457 Advanced collections of sewer maintenance fees 103,586 - $ 23,517,755 $ 1,578,084

Note 5. Special Assessments Payments of special assessments levied on benefited properties may be made over periods not to exceed 20 years from the initial assessment date, and terms of payment may be accelerated under certain conditions.

Uncollected special assessments levied at June 30, 2020 consist of the following:

Areas of present benefit - delinquent $ 101,375 Areas of present benefit - current 74,040 Areas of present benefit - deferred 9,797,585 $ 9,973,000

37 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 6. Capital Assets Capital asset activity for governmental activities for the year ended June 30, 2020 was as follows:

Beginning Ending Balance Increases Decreases Balance Governmental activities: Capital assets, not being depreciated: Land $ 63,650,607 $ - $ - $ 63,650,607 Construction in progress 13,567,865 12,426,281 (22,626,541) 3,367,605 Total capital assets, not being depreciated 77,218,472 12,426,281 (22,626,541) 67,018,212

Capital assets, being depreciated: Land improvements 45,627,975 2,298,669 - 47,926,644 Buildings 606,405,034 19,915,992 - 626,321,026 Machinery and equipment 140,376,936 14,853,977 (1,076,573) 154,154,340 Infrastructure 381,245,230 22,286,171 - 403,531,401 Total capital assets being depreciated 1,173,655,175 59,354,809 (1,076,573) 1,231,933,411

Less accumulated depreciation for: Land improvements 20,908,802 1,885,849 - 22,794,651 Buildings 169,756,181 11,213,252 - 180,969,433 Machinery and equipment 99,221,861 7,374,130 (882,759) 105,713,232 Infrastructure 174,074,249 12,949,067 - 187,023,316 depreciation 463,961,093 33,422,298 (882,759) 496,500,632 Total capital assets, being depreciated, net 709,694,082 25,932,511 (193,814) 735,432,779

Governmental activities capital assets, net $ 786,912,554 $ 38,358,792 $ (22,820,355) $ 802,450,991

38 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 6. Capital Assets (Continued) Capital asset activity for the Parking Fund for the year ended June 30, 2020 was as follows:

Beginning Ending Balance Increases Decreases Balance Business-type activities: Capital assets, not being depreciated: Land $ 4,047,002 $ - $ - $ 4,047,002 Construction In Progress - 379,191 - 379,191 Total capital assets, not being depreciated 4,047,002 379,191 - 4,426,193

Capital assets, being depreciated: Buildings and improvements 8,873,775 153,608 - 9,027,383 Machinery and equipment 3,823,208 930 - 3,824,138 Meters 1,392,337 30,020 - 1,422,357 Total capital assets, being depreciated 14,089,320 184,558 - 14,273,878

Less accumulated depreciation for: Buildings and improvements 7,410,569 140,097 - 7,550,666 Machinery and equipment 3,768,148 34,191 - 3,802,339 Meters 670,632 84,903 - 755,535 Total accumulated depreciation 11,849,349 259,191 - 12,108,540 Total capital assets, being depreciated, net 2,239,971 (74,633) - 2,165,338

Business-type activities capital assets, net $ 6,286,973 $ 304,558 $ - $ 6,591,531

Depreciation expense was charged to functions/programs of the primary government as follows:

Governmental activities: General government $ 1,579,337 Public safety 1,958,450 Public works, including depreciation of general infrastructure assets 18,064,988 Nathaniel Witherell 791,924 Schools 8,154,755 Libraries 261,414 Parks and recreation 2,611,430 Total depreciation expense – governmental activities $ 33,422,298

Business-type activities: Parking $ 259,191

Construction commitments: The Town has active construction projects as of June 30, 2020. The projects include building additions and rehabilitation, sewer line reconstruction, new sewer construction, bridge replacement and improvements, fire station rehabilitation, road reconstruction, sidewalk additions, and school construction. At June 30, 2020, the Town had commitments outstanding of $27,618,678.

39 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 7. Short-Term Obligations Bond anticipation notes: The Town uses bond anticipation notes during the construction period of various public projects prior to the issuance of the bonds at the completion of the project. The Town has issued the following bond anticipation notes during the year ended June 30, 2020:

Outstanding, July 1, 2019 $ 60,000,000 Repayments (60,000,000) New borrowings 50,000,000 Outstanding June 30, 2020 $ 50,000,000

The bond anticipation notes outstanding on June 30, 2020 mature January 14, 2021 and bear interest of 1.5%.

Note 8. Long-Term Obligations Long-term liability activity for the year ended June 30, 2020 was as follows:

Beginning Ending Due Within Balance Increases Decreases Balance One Year Governmental activities: Bonds payable: General obligation bonds $ 160,160,000 $ 40,000,000 $ (42,455,000) $ 157,705,000 $ 44,095,000 Premium on refunding 2008 333,863 - (83,464) 250,399 - Premium on refunding 2016 3,382,696 - (241,621) 3,141,075 - Premium on bond issue 12,226,056 4,940,400 (4,282,694) 12,883,762 - Clean water fund notes 2,616,756 - (466,324) 2,150,432 461,303 Total bonds and notes payable 178,719,371 44,940,400 (47,529,103) 176,130,668 44,556,303

Accrued self-insurance claims 14,023,595 1,215,368 (3,427,118) 11,811,845 3,427,118 Accrued vacation payable 5,820,443 7,130,426 (6,764,547) 6,186,322 6,186,322 Accrued sick leave payable 10,195,383 6,796,486 (7,359,967) 9,631,902 7,359,967 Accrued compensation time payable 783,636 111,682 (144,494) 750,824 144,494 Net pension liability 125,797,059 30,025,882 - 155,822,941 - Net OPEB liability 27,551,993 - (1,286,238) 26,265,755 - Pollution remediation 15,000,000 13,000,000 - 28,000,000 - Claims and other 2,600,000 - - 2,600,000 - Governmental activity long-term liabilities $ 380,491,480 $ 103,220,244 $ (66,511,467) $ 417,200,257 $ 61,674,204

Business-type activities: Compensated absences $ 120,587 $ 96,026 $ (118,941) $ 97,672 $ 24,418 Business-type activities activity long-term liabilities $ 120,587 $ 96,026 $ (118,941) $ 97,672 $ 24,418

40 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 8. Long-Term Obligations (Continued) As of June 30, 2020, the outstanding long-term debt of the Town, payable from its governmental activities, was as follows:

General obligation bonds: $19,935,000 General Obligation Refunding Bonds for sewer projects, issued April 30, 2008, due in annual installments ranging from $335,000 to $1,755,000, final maturity June 1, 2023, interest ranging from 3.0% to 5.0% $ 5,065,000 $16,500,000 General Obligation Bonds issued January 26, 2012, due in annual installments ranging from $245,000 to $2,565,000, final maturity January 15, 2032, interest at 2.0% to 3.0% 1,225,000 $40,000,000 General Obligation Bonds, issued January 22, 2015, due in annual installments ranging from $385,000 to $6,845,000, final maturity January 15, 2035, interest at 2.0% to 5.0% 5,775,000 $50,000,000 General Obligation Bonds, issued January 21, 2016, due in annual installments of $10,000,000, final maturity January 15, 2021, interest at 5.0% 10,000,000 $24,055,000 General Obligation Refunding Bonds, issued May 17, 2016, due in annual installments ranging from $470,000 to $1,765,000, final maturity July 15, 2033, interest ranging from 2.0% to 5.0% 20,895,000 $40,000,000 General Obligation Bonds, issued January 20, 2017, due in annual installments ranging from $200,000 to $7,400,000, final maturity January 15, 2037, interest ranging from 2.0% to 5.0% 17,800,000 $40,000,000 General Obligation Bonds, issued January 19, 2018, due in annual installments of $8,000,000, final maturity January 15, 2023, interest of 5.0% 24,000,000 $40,000,000 General Obligation Bonds, issued January 18, 2019, due in annual installments of $315,000 to $7,055,000, final maturity January 15, 2039, interest of 2.0% to 5.0% 32,945,000 $40,000,000 General Obligation Bonds, issued January 16, 2020, due in annual installments of $8,000,000, final maturity January 15, 2025, interest of 5.0%. 40,000,000 Total bonds payable 157,705,000

Other loans/notes: $8,671,620 Clean Water Fund 364-C Note Payable, signed December 23, 2004, due in annual installments of $500,098, including interest, final maturity December 23, 2024, interest at 2.0% 2,150,432 Total loans/notes and bonds payable $ 159,855,432

41 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 8. Long-Term Obligations (Continued) The annual debt service requirements for the Town’s bonds and installment notes payable are as follows:

Principal Interest

2021 $ 44,556,303 $ 7,322,958 2022 34,655,614 5,158,153 2023 27,555,113 3,475,504 2024 17,839,804 2,146,413 2025 10,893,598 1,286,730 2026-2030 13,395,000 3,065,726 2031-2035 9,300,000 999,932 2036-2039 1,660,000 119,192 $ 159,855,432 $ 23,574,608

Authorized but unissued bonds: The total of authorized but unissued bonds at June 30, 2020 was $55,362,992.

Pollution remediation: Pursuant to federal, state and local laws, the Town has recorded an estimated liability of $28,000,000 for remediation at Greenwich High School (GHS) and Western Middle School (WMS). Management has estimated these liabilities considering data based on estimates from environmental consultants. These estimates are subject to revision due to price increases or reductions, changes in technology or changes in applicable laws and regulations. This estimate included the following assumptions: • The current Conceptual Site Models (CSM) developed for both sites based upon information gathered during site assessment activities; • Site chemicals of concern which currently include polychlorinated biphenyls (PCBs), metals, pesticides, polynuclear aromatic hydrocarbons (PAHs), and total petroleum hydrocarbons (TPH) at the GHS site. The chemicals of concern at the WMS include PCS, metals, pesticides, PAHs and volatile organic compounds (VOCs). • Site investigations conducted to date; • Anticipated remedial measures to be employed at the site which include use of engineered controls and limited hot-spot or source area excavations. Management anticipates the GHS remediation project taking four (4) to six (6) years to complete over the next four years and has budgeted $20,000,000. The WMS project is anticipated to take three (3) years to complete and has budgeted $8,000,000 for the fiscal year 2021-2022. There are no anticipated recoveries of costs at this time.

Compensated absences: The obligation represents the employee (vested and non-vested) sick, vacation and compensation time expected to be paid in the future, aggregating $16,666,720 as of June 30, 2020. $16,569,048 is recorded in the governmental activities and paid out of the General Fund. $97,672 is recorded in the business-type activities and paid out of the Parking Fund.

Net pension liability: The obligation represents the actuarially determined liability over assets held for the pension trust fund. This amount is recorded in the government-wide statements and paid out of the General Fund. See Note 12 for additional disclosure.

42 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 8. Long-Term Obligations (Continued) Net OPEB liability: The obligation represents the actuarially determined liability over assets held for the other postemployment benefits. This amount is recorded in the government-wide statements and paid out of the General Fund. See Note 13 for additional disclosure.

Note 9. Statutory Debt Limitation Section 7-374 of the Connecticut General Statutes provides for limitation of debt which can be issued by the Town. At June 30, 2020, the Town’s debt limit was $2,701,259,260 and its limitation and margin, for which future bonded debt may be issued, are as follows:

Limitation Indebtedness Debt Margin

General purpose (225% of Base) $ 868,261,905 $ 146,314,072 $ 721,947,833 Schools (450% of Base) 1,736,523,810 97,487,449 1,639,036,361 Sewers (375% of Base) 1,447,103,175 37,692,139 1,409,411,036 Urban renewal (325% of Base) 1,254,156,085 - 1,254,156,085 Pension deficit (300% of Base) 1,157,682,540 - 1,157,682,540

Note 10. Interfund Receivables/Payables and Transfers The composition of interfund balances as of June 30, 2020 is as follows:

Due From Due To Other Funds Other Funds

General fund $ 18,436,231 $ 19,580,863 Capital projects 16,683,600 - Sewer improvement - 6,125,875 Nathaniel Witherell fund - 7,601,838 Nonmajor governmental funds and other 2,897,264 4,708,519 $ 38,017,095 $ 38,017,095

The outstanding balances between funds resulted from various interfund transactions as a result of the general fund being used as the central depository for the Town. These transactions relate to a time lag in the transfers based on budget authorizations.

The interfund transfers that occurred during the year are as follows:

Transfers Transfers In Out

General fund $ 7,655,170 $ 12,917,000 Capital projects 10,214,742 4,792,357 Sewer improvement 1,350,000 - Nathaniel Witherell fund 3,000,000 240,758 Nonmajor governmental funds and other 679,663 4,949,460 $ 22,899,575 $ 22,899,575

43 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 10. Interfund Receivables/Payables and Transfers (Continued) Transfers out are used to account for unrestricted revenues collected mainly in the General Fund to finance various programs, provide subsidies to the other funds from the General Fund and capital expenditures accounted for in other funds in accordance with budget authorizations. Transfers to the General Fund account for premiums collected in the Capital Projects fund to make future debt payments Transfers out of the Capital and Nonrecurring fund (nonmajor governmental fund) are for appropriations of the reserves for capital projects.

Note 11. Fund Balance (Deficits) The components of fund balance (deficits) as of June 30, 2020 are as follows:

Sewer Capital Nathaniel Nonmajor General Improvement Projects Witherell Governmental Fund Fund Fund Fund Funds Total Fund balance: Nonspendable: Inventory $ - $ - $ - $ - $ 48,066 $ 48,066 Long-term due from other funds 4,214,271 4,214,271 4,214,271 - - - 48,066 4,262,337

Restricted to: General Government - - - - 369,806 369,806 Public safety - - - - 1,370,910 1,370,910 Health - - - - 154,292 154,292 Schools - - - - 36,185 36,185 - - - - 1,931,193 1,931,193

Committed to: Capital projects - - - - 8,994,076 8,994,076 Education - - - - 153,231 153,231 Parks and recreation - - - - 1,580,858 1,580,858 Public works - - - - 20,650,406 20,650,406 - - - - 31,378,571 31,378,571

Assigned to: Assigned to subsequent year's budget 15,000,000 - - - - 15,000,000 General government 957,685 - - - - 957,685 Public safety 795,971 - - - - 795,971 Public works 1,472,648 - - - - 1,472,648 Health 60,306 - - - - 60,306 Human services 68,900 - - - - 68,900 Schools 4,084,989 - - - - 4,084,989 Libraries 283,712 - - - - 283,712 Parks and recreation 366,625 - - - - 366,625 Fixed charges 802,834 - - - - 802,834 23,893,670 - - - - 23,893,670 Unassigned 40,561,644 (3,790,586) (7,169,574) (8,581,580) (517,176) 20,502,728

Total fund balances (deficits) $ 68,669,585 $ (3,790,586) $ (7,169,574) $ (8,581,580) $ 32,840,654 $ 81,968,499

Significant encumbrances at June 30, 2020 are contained in the above table in the assigned category of the General Fund. The encumbrances at June 30, 2020 are approximately $8,900,000.

44 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans The Town is responsible for the administration of two pension plans − the Retirement System of the Town of Greenwich (the System) and the Police Benefit Fund (PBF). Membership in the System is no longer applicable to new hires in certain groups, as listed under the “Participation” section of this footnote. In addition, certified teachers, who are covered under the State of Connecticut Teachers’ Retirement System, do not participate in the System. Under provisions of the System benefit formulae, retirement ages and vesting vary between police, fire and other covered employees. Certain retired police in Town service prior to 1953 participate in the PBF; however, no new members are allowed to participate.

The System began operations as of January 1, 1946. The System is a single-employer defined benefit pension plan supported by the contributions of the members and the Town. The annual actuarial valuation is made to determine whether the contributions are sufficient to meet the plan obligations. The latest actuarial valuation was made at July 1, 2019. The Town’s pension plans do not, however, issue stand-alone financial reports.

The System is authorized under Article 14 of the Town Charter, which, together with the pension provisions of the labor contracts, establishes all benefit provisions. Coverage is extended to all regular full-time employees in the service of the Town who are classified as General, Fire or Police personnel. Appointed or elected officials are also eligible for membership in the System if they serve on a paid full- time basis.

The normal form of benefit is an allowance payable during the life of the member with the excess of accumulated deductions at the time of retirement over the annuity payments made, if any, being payable to their designated beneficiary.

The plan provides a Service Retirement for general employees that are (a) age 65 or (b) have met the Rule of 80 (sum of age plus years of service). For firefighters and police officers, a Service Retirement is earned with the completion of 20 years of service. A general employee may retire on a reduced Early Service Retirement provided he/she has attained age 60, but has not completed the minimum requirements for a Service Retirement. The maximum benefit for a service retirement for a general employee, except MC employees (Management/Confidential) and full-time elected officials is 1/50 multiplied by final compensation multiplied by years of creditable service. The MC employees and full- time elected officials’ rate of benefit is 1/40 for the first 20 years of creditable service and 1/50 thereafter. The maximum benefit for a Service Retirement for a firefighter or police officer is 1/40 multiplied by final compensation multiplied by years of creditable service. The maximum benefit cannot exceed 2/3 of the employee’s final compensation for general employees and 3/4 for police officers and firefighters.

Disability benefits may be payable for those employees who become totally mentally or physically incapacitated for the further performance of duty, provided that a medical examiner appointed by the Retirement Board can certify that such incapacity is likely to be permanent and the Retirement Board concurs. Benefits are provided for both duty and non-duty related disabilities. The plan also provides for death benefits both before and after retirement.

Any general employee, police officer or firefighter who terminates service after completion of 10 years of creditable service (5 years for MC, LIUNA, GMEA, Teamsters and nurses), may elect to receive a vesting retirement allowance. The vesting retirement allowance is a deferred allowance commencing at age 65 or compliance with the Rule of 80 in the case of a general employee, age 55 in the case of a police officer and age 50 for a firefighter. The benefit is computed as a service retirement allowance on the basis of the employee’s final compensation and creditable service to the date of termination of service.

45 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Employees should not rely solely upon this synopsis of pension benefit provisions. Article 14 of the Town Charter, together with the pension provisions of the labor contracts, are at all times the official source of plan provisions.

Plan administration: The general administration and management of the pension plan and the responsibility for carrying out the provision of the plan shall be placed with the Retirement Board. The Retirement Board serves as Trustee of the Town of Greenwich Retirement System, a trust fund established under Article 14 of the Town Charter to provide retirement allowances for employees of the Town. The Retirement Board consists of five members, including: the Comptroller; two citizens from the town not eligible for membership in the Retirement System, who are appointed by a committee composed of the First Selectman, the moderator of the Representative Town Meeting and the Chairman of the Board of Estimate and Taxation, and Two employee-members elected by the membership of the Retirement System.

Employer contributions: The Town’s annual contribution to the System is actuarially determined and is intended to set aside amounts to cover the costs related both to current and future service rendered by employees. In order to arrive at the Town’s annual contribution, these costs are calculated on an individual entry age basis.

Member contributions: The contributions are based on a percentage of annual earnable compensation which is 5% for the police and fire employees and 4% for general employees. Management/Confidential employees and elected officials are not required to contribute to the plan. The mandatory contributions may be reduced by the amount withheld for FICA as an option available to general employees.

Membership in the plan consisted of the following at July 1, 2019, the date of the last actuarial valuation:

Retirees and beneficiaries receiving benefits 1,254 Inactive vested members 161 Active plan members 788 Total 2,203

46 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Plan description:

Plan year: July 1 through the following June 30. Groups covered: Police Officers (Tier I employees hired before July 1, 2011 and Tier II employees hired on or after July 1, 2011). Firefighters (Tier 1 employees hired before October 1, 2013 and Tier II employees hired on or after October 1, 2013). Greenwich Municipal Employee Association (GMEA) Teamsters Local 456 Greenwich Public Health Nurses Association Laborer's International Union of North America (LIUNA) Elected Officials Managerial and Confidential Employees LIUNA Paraprofessionals Participation: Membership in the Retirement System is mandatory for all full- time employees in the service of the Town, except where noted below, whether appointed or elected, except certified employees in the public schools who are or were eligible to participate in the Connecticut Teachers' Retirement System. Membership is no longer applicable to new hires in certain groups as listed below. They must participate in the Town's defined contribution plan: (a) Employees hired on or after July 1, 2005 into the Teamsters or GMEA bargaining units. (b) Elected Officials and Managerial and Confidential employees hired or elected on or after September 1, 2006. (c) Employees hired on or after November 1, 2008 into LIUNA or the LIUNA Paraprofessional bargaining units. (d) Employees hired on or after February 1, 2009 into the Nurses bargaining unit. (e) Police officers hired on or after January 1, 2019.

47 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Employee contributions: The rate of employee contribution depends on the rate in effect for the member's bargaining unit. Rates as of July 1, 2019 are as follows:

(a) Police officers - 6% of pensionable compensation. Contributions for Tier I members cease once the member has completed 26 years and 8 months of Creditable Service, even for police officers who elect to continue earnings benefits after the 26 years and 8 months period. Contributions for Tier II members cease after the member completes 37.5 years of service.

(b) Firefighters - 5% of pensionable compensation. Contributions for Tier I members cease once the member has completed 26 years and 8 months of Creditable Service. Contributions for Tier II members cease after the member completed 37.5 years of service.

(d) Teamsters - 4% of compensation.

(e) Nurses - 4% of pensionable compensation.

(f) LIUNA – 4% of pensionable compensation.

(g) Elected officials and managerial and confidential employees – No employee contributions are required.

(h) LIUNA Paraprofessionals - 5% of pensionable compensation (contributions optional, based on a one-time election).

Contributions for non-safety members cease when the member has completed the minimum requirements for service retirement and has at least 33 years, 4 months of membership service.

As of January 1, 2002, all employees were required to make a one-time irrevocable election whether or not to contribute to the System. As of July 1, 2002, all employee contributions were made on a pre-tax basis. Effective July 1, 2003, new members' contributions are mandatory, except for LIUNA paraprofessionals.

Town contributions: The Town contributes the amount deemed necessary to provide the benefits under the Plan as determined by application of accepted actuarial methods and assumptions.

48 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Compensation: For police officers and firefighters, compensation for the Retirement System is annual earnable compensation, including injury and holiday pay, and shift differential. Other special compensation such as EMT/MRT compensation, dispatch stipend, pay for handling of hazardous materials, confined space and trench rescue is also included. For police officers hired on or after July 1, 2011, highest pensionable compensation is limited to 112% of base pay for that position as shown in the contract at the time of retirement. For firefighters hired on or after October 1, 2013, highest pensionable compensation is limited to 118% of base pay for that position as shown in the contract at the time of retirement. For non-safety members, compensation is annual earnable compensation including deferred income but excluding overtime and shift differential. Average final compensation is compensation over the consecutive 26 bi-weekly pay periods which produce the highest total. Compensation is limited as provided by Internal Revenue Code 401(a) (17).

Service: Membership Service - Service rendered subsequent to January 1, 1946 and since the employee last became a member. Eligibility Service - Prior service plus membership service. Military Service - Service purchased for prior military service in accordance with the collective bargaining agreements. The maximum credit for military service is four years. Creditable Service - Prior service plus membership service plus military service.

Service retirement: Eligibility: Tier I police officers are eligible for service retirement upon reaching the earlier of (a) age 55 with at least 10 years of Eligibility Service or (b) at least 20 years of Eligibility Service. Tier II police officers are eligible for service retirement at age 50 with at least 25 years of Eligibility Service, or at age 55 with at least 10 years of Eligibility Service. Tier 1 firefighters are eligible for service retirement upon reaching the earlier of (a) age 50 with at least 10 years of Eligibility Service or (b) at least 20 years of Eligibility Service. Tier II firefighters are eligible for service retirement at age 50 with at least 25 years of Eligibility Service, or at age 55 with at least 10 years of Eligibility Service.

49 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Eligibility, continued: Non-safety members are eligible for normal service retirement upon reaching the earlier of (a) age 65 or (b) the date when Eligibility Service and age totals at least 80 (Rule of 80). Non-safety members are eligible for early service retirement upon reaching age 60, except for Elected Officials and Managerial and Confidential employees who can qualify for early service retirement at the earlier of (a) age 55 with at least 5 years of Eligibility Service or (b) age 60.

Benefit amount: For Tier I police officers and for Tier I firefighters, the rate of benefit is 2.5% of average final compensation for each year of Creditable Service. However, once a Tier I police officer or a firefighter has completed 26 years and 8 months of Creditable Service, the total benefit increases to a maximum of 75% of final compensation.

Tier I police officers who retire on or after July 1, 2004 are eligible to receive an additional 0.5% of final compensation for each full year of Creditable Service after reaching the maximum retirement allowance, for a maximum of 7 additional years.

The rate of benefit for Tier II police officers and for Tier II firefighters is equal to 2% of final compensation for each year of Creditable Service, with a maximum of 75% of final compensation.

For GMEA, Teamsters, Nurses, LIUNA, and Paraprofessionals, the rate of benefit is 2% of average final compensation for each year of Creditable Service, subject to a maximum retirement allowance of 2/3 of average final compensation.

The rate of benefit for Elected Officials, Managerial and Confidential employees is 2.5% of average final compensation for the first 20 years of Creditable Service and 2% of average final compensation for each year of Creditable Service in excess of 20 years.

No annual benefit will be less than $1,200 if the member has at least 15 years of Eligibility Service.

The service benefit amount consists of two pieces:

(a) An annuity which is the actuarial equivalent of the member's accumulated contributions with interest at retirement; and (b) A pension which, together with the annuity, is equal to the rate of benefit described above.

50 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Benefit amount, continued: The early service retirement benefit is calculated in the same manner as for normal service retirement except that the pension portion of the early retirement benefit is the actuarial equivalent of the pension portion of the normal service retirement benefit.

Benefit deficiency: In the past, members have been able to reduce their contributions by the amount of their FICA tax or elect not to increase their pension rate of contribution. As of January 1, 2002, members were required to make a one-time irrevocable election whether or not to contribute to the Retirement System. If a member has a deficiency at the time of his retirement, his benefit will be reduced. In such case, the benefit will be equal to the greater of:

(a) A pension equal to the amount which the pension would have been if the member had contributed the full contribution percentage required throughout his or her Membership Service, without regard to such election, plus the annuity which is the actuarial equivalent of the member's actual accumulated employee contributions; or

(b) 2/3 of the total service benefit above, plus 1/3 of the total service benefit above multiplied by a fraction, the numerator of which is the actual accumulated deductions at the time of retirement and the denominator of which is the accumulated deductions which would have existed if the member had contributed the full employee contribution percentage required throughout his Membership Service.

For elected officials and managerial and confidential (M&C) employees (including transfers), the amount of contributions and contribution deficiency, if any, is frozen as of December 31, 1994, or at the time of transfer to M&C, whichever came first.

Form of benefit: The normal form of benefit for police officers and firefighters is an annuity payable to the member with a survivor benefit upon the death of the retiree equal to 50% of the member's monthly benefit payable to the surviving spouse until death or remarriage. If there is no surviving spouse, or if the surviving spouse dies or remarries leaving surviving minor children, the 50% benefit passes to the member's dependent children until each reaches age 18 (age 23 for a full-time student) or for life (or the duration of incapacity) if the child is disabled.

51 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Form of benefit, continued: For non-safety members, the normal form of benefit is a life annuity with the provision that the excess, if any, of accumulated employee contributions at retirement over the annuity payments received will be paid to the designated beneficiary or estate.

Optional forms of benefit Prior to retirement, a member may elect to receive his payment: retirement benefit in one of these three actuarially equivalent optional methods described below:

(a) A reduced retirement benefit payable for life with the provision that at the member's death the excess, if any, of the accumulated employee contributions with interest at the time of retirement less the annuity payments made to the member will be paid to the designated beneficiary or estate. This is the normal form of benefit for non-safety members and the member’s benefit will not be reduced to provide this option.

(b) A reduced retirement benefit payable for life with the provision that after the member's death the reduced benefit will be continued for life to the beneficiary designated by the member at the time of retirement.

(c) A reduced retirement benefit payable for life with the provision that after the member's death 50% of the reduced benefit will be continued for life to the beneficiary designated by the member at the time of retirement. This is the normal form of benefit for police officers and firefighters and their benefit will not be reduced to provide this option.

Ordinary disability retirement:

Eligibility: A member is eligible for an ordinary disability retirement benefit if he or she is mentally or physically incapacitated from the further performance of duty, the incapacity is likely to be permanent, and the member is not eligible for an accidental disability retirement benefit.

The member must also have at least 10 years of Eligibility Service if a police officer or firefighter or at least 12 years of Eligibility Service if a non-safety member.

52 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Benefit amount: The ordinary disability retirement benefit consists of two pieces:

(a) An annuity which is the actuarial equivalent of the member's accumulated contributions with interest at retirement; and

(b) A pension which, together with the annuity, provides a total ordinary disability retirement benefit equal to 90% of the rate of benefit multiplied by average final compensation and the number of years of Creditable Service, not greater than 90% of 2/3 of the average final compensation, and not less than $1,080 annually. The minimum benefit is 30% of average final compensation.

If there is a contribution deficiency, the pension portion of the ordinary disability is reduced for the deficiency.

If the member has completed the minimum requirements for service retirement, the member will receive the greater of the ordinary disability retirement benefit and the service retirement benefit.

Accidental disability retirement:

Eligibility: If a member becomes totally and permanently incapacitated due to an accident occurring while in the performance of duty, an accidental disability retirement benefit will be payable from the Retirement System. In the case of a police officer or firefighter, disability due to hypertension or heart disease is presumed to have been suffered in the line of duty.

Benefit amount: The accidental disability retirement benefit consists of two pieces:

(a) An annuity which is the actuarial equivalent of the member's accumulated contributions with interest at retirement; and

(b) A pension equal to 50% of average final pensionable compensation.

If the member has completed the minimum requirements for service retirement, the member will receive the greater of the accidental disability retirement benefit and the service retirement benefit, unless the disability benefit is elected.

53 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Pre-retirement ordinary death benefit:

Eligibility: If a police officer or firefighter dies prior to retirement from causes not entitling his or her beneficiary to an accidental death benefit, an ordinary death benefit will be payable.

If a non-safety member dies after completing at least 5 years of Eligibility Service, and is not eligible for an accidental death benefit, the member's beneficiary will be entitled to an ordinary death benefit.

Benefit amount: For police officers and firefighters, the pre-retirement ordinary death benefit is equal to 50% of the member's annual pensionable compensation on the date of death. Also, for police officers, the benefit will not be less than the pre- retirement ordinary death benefit applicable to non-safety members.

The pre-retirement ordinary death benefit for non-safety members, other than members of the Nurses bargaining unit, is equal to 100% of the benefit that would have been payable if the participant had retired immediately prior to death and elected a 100% Joint and Survivor annuity option. There is no pre-retirement ordinary death benefit for members of the Nurses bargaining unit other than a refund of accumulated employee contributions with interest.

Form of benefit: For police officers and firefighters, the pre-retirement ordinary death benefit is payable monthly to the member's surviving spouse for life or until remarriage. If there is no surviving spouse it will be payable in equal shares to the member's dependent children until age 18 (age 23 if a full-time student). If a surviving child is mentally or physically incapacitated for substantial gainful employment before age 18, the portion of the death benefit is payable to that child for the duration of such incapacity.

For non-safety members, the pre-retirement ordinary death benefit is payable monthly to the surviving spouse for life.

54 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Pre-retirement accidental death benefit:

Eligibility: If a member dies prior to retirement from causes relating to an accident in the actual performance of duty, a pre-retirement accidental death benefit will be payable.

Benefit amount: The pre-retirement accidental death benefit is equal to 50% of the member's average final pensionable compensation at the time of death.

Form of benefit: The pre-retirement accidental death benefit is payable to the member's spouse for life or until remarriage. If there is no surviving spouse, or if the spouse dies or remarries before the youngest child attains age 18 (age 23 if a full-time student), the death benefit will be paid until the youngest child attains age 18 (age 23). If there is no surviving spouse or dependent children, the pre-retirement accidental death benefit will be paid to the member's dependent father or mother for life, as determined by the Retirement Board in its discretion.

Termination of employment prior to retirement:

Eligibility: Police officers and firefighters are eligible for a deferred vested benefit after completing at least 10 years of Eligibility Service.

Non-safety Members are eligible for a termination benefit after completing at least 5 years of Eligibility Service.

All terminated members, regardless of service, are entitled to a refund of employee contributions with interest at any time prior to receiving retirement benefits.

Benefit amount: The termination benefit is computed in the same manner as a service retirement, based on average final compensation and Creditable Service on the date of termination.

For police officers payment of the termination benefit is deferred to age 55. For Firefighters, payment is deferred to age 50. For non-safety members, payment is deferred to the earlier of (a) age 65, and (b) the date on which the member meets the Rule of 80.

The member may request a refund of his accumulated employee contributions with interest prior to the deferral age above. The remaining portion of the termination benefit, attributable to Town contributions and earnings, will be deferred.

55 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Cost of living adjustments: The Retirement System provides an annual contractual cost of living adjustment to retirement benefits for some non-safety members. The COLA is payable on July 1 of each year and is not applicable to benefits which have not been in payment for at least one year and to retirees who are not yet age 62 before July 1.

The contractual COLA is applicable to Teamsters and GMEA employees who retire on or after July 1, 2005, Elected Officials, and Managerial & Confidential who retire on or after September 1, 2006, LIUNA members and Paraprofessionals who retire on or after November 1, 2008, and Nurses who retire on or after February 1, 2009.

The COLA is equal to 100% of the annual increase in the Consumer Price Index for Urban Wage Earners and Clerical Workers for New York-Northern New Jersey-Long Island, NY- NY-CT-PA (CPI-W, Table CWURA101SA0), not to exceed 3%, measured from May as reported in June of each year. In the event the CPI-W increase is less than 1%, no COLA will be applied for that year.

In no event will a retiree's benefit with COLA exceed 150% of the retirement benefit at which the member retired. The COLA benefit also applies to beneficiaries and alternate payees.

Ad-hoc post-retirement adjustments have previously been made on July 1, 1980, July 1, 1987, July 1, 1993, July 1, 1996, July 1, 2000, and July 1, 2005.

All beneficiaries are entitled to the Ad-hoc increases when the retiree dies, including widows of police officers who retired prior to 1988.

Early retirement incentive During fiscal years 1996, 1998, 2000, 2002 and 2009 early programs: retirement incentive plans were in effect that allowed certain eligible members to retire with enhanced benefits payable immediately.

Changes in plan provisions since There has been one change in Plan provisions since the prior the prior valuation: valuation, the addition of a contractual COLA for Police retirees on or after July 1, 2017. The Plan was also closed to Police officers hired on or after January 1, 2019.

56 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Trust Funds Schedule of Plan Net Position June 30, 2020

Pension Trust Funds Retirement Police Other Fiduciary System Benefit Postemployment Trust Fund Fund Benefit Fund Totals

Assets

Cash and cash equivalents $ 9,856,968 $ - $ 1,693,175 $ 11,550,143 Accounts receivable 1,110,192 - - 1,110,192 Investments: Alternatives 111,784,046 - - 111,784,046 Collective investment trusts 169,913,810 - - 169,913,810 Common stock 86,851,897 - - 86,851,897 Exchanged traded funds 47,103,969 - 23,314,390 70,418,359 Fixed income funds 26,840,316 - 6,057,351 32,897,667 Mutual funds 39,925,684 - - 39,925,684 U.S. Treasury bill - - 1,797,281 1,797,281 Master Limited Partnerships 43,288 - - 43,288 Rights/warrants 957 - - 957 Total assets 493,431,127 - 32,862,197 526,293,324

Liabilities

Accounts payable 335,693 - - 335,693 Due to other funds 682,401 2,778 3,546,049 4,231,228 Total liabilities 1,018,094 2,778 3,546,049 4,566,921

Net position restricted for pensions and OPEB $ 492,413,033 $ (2,778) $ 29,316,148 $ 521,726,403

57 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Trust Funds Schedule of Changes in Plan Net Position Year Ended June 30, 2020

Pension Trust Funds Retirement System Fund Other Reserves for Police Postemployment Fiduciary Membership Member Benefit Benefit Trust Fund Annuities Contributions Total Fund Fund Totals

Additions: Contributions: Employer $ 23,716,000 $ - $ 23,716,000 $ 24,448 $ 3,598,000 $ 27,338,448 Plan members - 1,985,372 1,985,372 - 2,115,816 4,101,188 Other - 1,063,014 1,063,014 - 124,459 1,187,473 Total contributions 23,716,000 3,048,386 26,764,386 24,448 5,838,275 32,627,109

Investment earnings: Net increase (decrease) in fair value of investments (583,233) - (583,233) - 326,700 (256,533) Interest and dividends 5,622,262 1,047,029 6,669,291 - 815,155 7,484,446 Total investment earnings 5,039,029 1,047,029 6,086,058 - 1,141,855 7,227,913

Less investment expenses 573,030 - 573,030 - - 573,030 Total additions 28,181,999 4,095,415 32,277,414 24,448 6,980,130 39,281,992

Deductions: Pension payments 33,178,655 - 33,178,655 31,725 5,294,644 38,505,024 Administrative costs 554,997 - 554,997 - 52,025 607,022 Refunds - 107,007 107,007 - - 107,007 Annuities awarded (4,257,345) 4,257,345 - - - - Total deductions 29,476,307 4,364,352 33,840,659 31,725 5,346,669 39,219,053

Change in net position (1,294,308) (268,937) (1,563,245) (7,277) 1,633,461 62,939

Net position restricted for pensions and OPEB Beginning of year 459,075,301 34,900,977 493,976,278 4,499 27,682,687 521,663,464 End of year $ 457,780,993 $ 34,632,040 $ 492,413,033 $ (2,778) $ 29,316,148 $ 521,726,403

Investments:

Investment policy: The pension plan’s policy in regard to the allocation of invested assets is established and may be amended by the Retirement Board. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a fully funded status for the benefits provided through the pension plan.

58 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Net pension liability of the Town: The Town’s net pension liability was measured as of June 30, 2020, and the total pension liability used to calculate the net pension liability was determined by an actuarial valuation as of July 1, 2019, with update procedures to roll forward the total pension liability to the measurement date. The components of the net pension liability of the Town at June 30, 2020 were as follows:

June 30, 2020 Net pension liability: Total pension liability $ 648,235,974 Plan fiduciary net position 492,413,033 Net pension liability $ 155,822,941 Plan fiduciary net position as a percentage of Total pension liability 76.0%

Increase (Decrease)

Total Pension Plan Fiduciary Net Pension Liability Net Position Liability (a) (b) (a) - (b) Changes in the net pension liability: Balances at June 30, 2019 $ 619,773,337 $ 493, 976,278 $ 125,797,059 Changes for the year: Service cost 10,374,441 - 10,374,441 Interest 39,894,852 - 39,894,852 Differences between expected and actual experience 11,479,006 - 11,479,006 Contributions - employer - 23,716,000 (23,716,000) Contributions - member - 3,048,386 (3,048,386) Net investment gain 5,513,028 (5,513,028) Benefit payments, including refunds of employee contributions (33,285,662) (33,285,662) - Administrative expense - (554,997) 554,997 Net changes 28,462,637 (1,563,245) 30,025,882

Balances at June 30, 2020 $ 648,235,974 $ 492,413,033 $ 155,822,941

59 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of July 1, 2019, using the following actuarial assumptions, applied to all periods included in the measurement:

• Inflation: 2.25% • Salary Increases: 2.50% + service based increases • Investment Return: 6.50%, compounded annually, net of investment expense and including inflation • Cost-of-living adjustments: 2.15% for those with contractual COLAs

Mortality rates were based on the RP-2000 Blue Collar Mortality Tables with two year setback for females, with generational projections (Scale BB-2D). A five year age set-forward adjustment to these tables was used for the valuation of disabled members.

The actuarial assumptions used in the July 1, 2019 valuation was based on the results of an actuarial experience study for the period July 1, 2010 through June 30, 2015. The next actuarial experience study will cover the period of July 1, 2015 through June 30, 2020 and will be incorporated into the July 1, 2020 actuary valuation.

Changes in actuarial assumptions: There were no changes in assumptions.

Actuarial method: The Entry Age cost method is used to determine the funding requirements for the plan. Investment gains and losses are recognized over a 5-year period. The Net Pension Liability is amortized as a level dollar amount over a 13-year period, which is decreasing to an ultimate open 10-year period.

Assumed rate of return: The long-term expected rate of return on pension plan investments was determined using a building-block method in which best-estimates of expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. This is then modified through a Monte-Carlo simulation process, by which a (downward) risk adjustment is applied to the baseline expected return.

60 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s target asset allocation as of June 30, 2020, and the final investment return assumption, are summarized in the following table:

Long-Term Expected Real Allocation % Range Return - Portfolio Weight Asset class: Domestic equity 0-30% 5.80% 23% International equity 0-20% 6.10% 23% Fixed income 0-36% 1.65% 20% Commodities 0-10% 2.00% 3% Hedge funds 0-10% 2.55% 7% Private equity/private debt 7-25% 7.50% 24% Total weighted average real return 5.11%

Plus inflation 2.25% Total return w/o adjustment 7.36% Risk adjustment -0.86% Total expected return 6.50%

Discount rate: The discount rate used to measure the total pension liability was 6.50%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Town contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate. Based on those assumptions the pension plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

Therefore, the long-term expected rates of return on pension plan investments was applied to all periods of projected benefit payments to determine the total pension liability

Sensitivity of the net pension liability to changes in the discount rate: The following presents the net pension liability of the Town, calculated using the discount rate of 6.50%, as well as what the Town’s net pension liability would be if it were calculated using a discount rate that is 1.00% lower or 1.00% higher than the current rate:

Current 1% Decrease Discount Rate 1% Increase 5.50% 6.50% 7.50%

Net pension liability $ 230,680,244 $ 155,822,941 $ 88,448,044

Ratio of plan net position to total pension liability 68.1% 76.0% 84.8%

61 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) For the year ended June 30, 2020, the Town recognized pension expense of $28,335,336. At June 30, 2020, the Town reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:

Deferred Outflows Deferred Inflows of Resources of Resources Net

Differences between expected and actual experience$ 9,496,565 $ (441,493) $ 9,055,072 Changes of assumptions 8,662,956 - 8,662,956 Net difference between projected and actual earnings - on pension plan investments 12,315,956 - 12,315,956 Total $ 30,475,477 $ (441,493) $ 30,033,984

Amounts reported in deferred outflows of resources and deferred inflows of resources related to pensions will be recognized in pension expense as follows:

Year ending June 30: 2021 $ 5,754,534 2022 12,693,032 2023 6,163,213 2024 5,423,205 $ 30,033,984

Connecticut state teachers’ retirement system:

Teachers, principals, superintendents and supervisors within the Town’s school system participate in a retirement system administered by the Connecticut State Teachers’ Retirement Board. This Connecticut State Teachers’ Retirement System (the System) is a cost sharing multiple employer defined benefit pension system with a special funding situation. The Town has no liability associated with the State Teacher’s Retirement System.

The System is considered a part of the State of Connecticut financial reporting entity and is included in the State’s financial reports as a pension trust fund. Those reports may be obtained at www.ct.gov.

The System is administered under the provisions of Title 10, Chapter 167a of the Connecticut General Statutes (CGS). Participation in the System is restricted to certified staff employed in the public schools of Connecticut and members of the professional staff of the State Department of Education or the board of Governors of Higher Education and their constituent units. Participation in the System is mandatory for certified personnel of local boards of education who are employed for an average of at least one-half of a school day.

62 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) Summary of significant accounting policies: For purposes of measuring the liability, deferred outflows of resources and deferred inflows of resources, and expense associated with the State’s requirement to contribute to the System, information about System’s fiduciary net position and additions to/deductions from the System’s fiduciary net position have been determined on the same basis as they are reported by the System. For this purpose, benefit payments (including refunds of contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value. The Town has recorded, in the General Fund, intergovernmental revenue and education expenditures in the amount of $30,779,115 as payments made by the State of Connecticut on-behalf of the Town. The Town does not have any liability for teacher pensions.

Benefits provided: The Plan provides retirement, disability and death benefits to participants by the System as follows:

Normal benefit: A member at age 60 with 20 years of Credited Service in Connecticut, or 35 years of Credited Service including at least 25 years of service in Connecticut is eligible for vested benefits of 2% of average annual salary times years of credited service (maximum benefit is 75% of average annual salary during the 3 years of highest salary.)

Prorated benefit: A member who completes 10 years of Connecticut public school service is eligible for vested benefits of 2% of average annual salary time years of credited service (maximum benefit is 75% of average annual salary during the three highest salary).

Contribution requirements: The pension contributions made by the State to the System are determined on an actuarial reserve basis as described in CGS Section and 10-183z (which reflects Public Act 79-436 as amended).

Employees: Effective July 1, 1992, each teacher is required to contribute 6% of salary for the pension benefit.

Effective January 1, 2018, the required contribution increased to 7.0 percent of pensionable salary as required by CGS Section 10-183b (7). The estimated covered payroll for the Town is $104,548,852.

The School District has no obligation to contribute to the plan.

Actuarial assumptions: The total pension liability was determined by an actuarial valuation as of June 30, 2018 using the following actuarial assumptions, applied to all periods included in the measurement:

Inflation 2.50% Salary increases, including inflation 3.25-6.50% Long-term investment rate of return, net of pension investment expense, including inflation 6.90%

For healthy retirees and beneficiaries, the RPH-2014 White Collar table with employee and annuitant rates blended from ages 50 to 80 projected to the year 2020 using the BB improvement scale and further adjusted to grade in increases (5% for females and 8% for males) to rates over age 80. For disabled retirees, the RPH-2014 Disabled Mortality table projected to 2017 using the MP-2014 improvement scale.

63 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) The long-term expected rate of return on pension investments was determined using a log-normal distribution analysis in which best-estimate ranges of expected future real rates of return (expected returns, net of pension investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target asset allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Long-Term Expected Asset class Target Allocation Real Rate of Return

Public Equity - U.S. Equity 20.0% 8.1% Public Equity - International Developed Equity 11.0% 8.5% Public Equity - Emerging Markets Equity 9.0% 10.4% Fixed Income - Core Fixed Income 16.0% 4.6% Fixed Income - Inflation Linked Bonds 5.0% 3.6% Fixed Income - High Yield 6.0% 6.5% Fixed Income - Emerging Market Debt 5.0% 5.2% Private Equity 10.0% 9.8% Real Estate 10.0% 7.0% Alternative Investments - Real Assets 4.0% 8.2% Alternative Investments - Hedge Funds 3.0% 5.4% Liquidity Fund 1.0% 2.9% 100.0%

Discount rate: The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that member contributions will be made at the current contribution rate and that State contributions will be made at the actuarially determined rates in future years. Based on those assumptions, the pension’s fiduciary net position was projected to be available to make all projected future benefit payments of current members. Therefore, the long-term expected rate of return on pension investments was applied to all periods of projected benefit payments to determine the total pension liability.

Sensitivity of the proportionate share of the net pension liability to changes in the discount rate: The Town’s proportionate share of the net pension liability is $0 and, therefore, the change in the discount rate would only impact the amount recorded by the State of Connecticut.

Pension liabilities, pension expense, and deferred inflows/outflows of resources: The State makes all contributions to the System on behalf of employees of the participating districts. Therefore, participating employers are considered to be in a special funding situation as defined by GASB Statement No. 68 and the State is treated as a non-employer contributing entity in the System. Since the districts do not contribute directly to the System, there is no net pension liability or deferred inflows or outflows to report in the financial statements of the Town. The portion of the net pension liability that was associated with the Town was $406,621,933 and 100% of the collective net pension liability is allocated to the State.

64 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 12. Employee Retirement Plans (Continued) The Town recognized the total pension expense associated with the Town as well as revenue in an amount equal to the non-employer contributing entities’ total proportionate share of the collective pension expense associated with the Town. For the fiscal year ended June 30, 2020, the Town recognized $49,940,104 in the general fund as the amount expended by the State on behalf of the Town to meet the State’s funding requirements.

Savings Plan for Employees of the Town of Greenwich:

The Town sponsors a defined contribution plan established in 1984 to provide an opportunity for employees to have greater financial security in the future through a combination of personal savings, current tax savings and contributions made by the Town. All full-time and part-time employees who have worked at 1,000 hours during the 12-month period are eligible to participate in the plan. The Town makes a discretionary matching contribution for non-union members. Union members matching contributions terms are in accordance with applicable collective bargaining units. Members are fully vested in all balances. Members are eligible for normal retirement at the age of 65. The Town contributed approximately $1,972,928 to the plan during the year ended June 30, 2020.

Note 13. Other Post-Employment Benefits Summary of significant accounting policies:

Basis of accounting: The financial statements of the Retiree Healthcare Plan (RH Plan) are prepared using the accrual basis of accounting. Plan member contributions are recognized in the period in which the contributions are due. Employer contributions are recognized when due and the employer has made a formal commitment to provide the contributions. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan. Administrative costs of the plan are paid by the Town.

Investments are reported at fair value. Investment income is recognized as earned.

Plan description: The RH Plan is a single-employer defined benefit healthcare plan administered by the Town. The RH Plan provides medical and life insurance benefits to eligible retirees and their spouses. All employees of the Town are eligible to participate in the plan. Benefit provisions are established through negotiations between the Town and the various unions representing the employees.

The plan is considered to be part of the Town’s financial reporting entity and is included in the Town’s financial report as the Other Post-Employment Benefits Trust Fund. The plan does not issue a stand- alone financial report.

65 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) At July 1, 2019, plan membership consisted of the following: Retiree Medical and Life Insurance Plan

Retirees and beneficiaries receiving benefits 357 Self-insured workers compensation 36 Active plan members 2,052 Total participants 2,445

Funding policy: The contribution requirements of plan members and the Town are also negotiated with the various unions representing the employees. Retired plan members and beneficiaries currently receiving benefits are required to contribute specified amounts monthly toward the cost of health insurance premiums.

Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and assumptions about the probability of occurrence of events far into the future. Examples include assumptions about future employment, mortality and the healthcare cost trend. Amounts determined regarding the funded status of the plan and the annual required contributions of the employer are subject to continual revision as accrual results are compared with past expectations and new estimates are made about the future. The schedule of funding progress presents multi-year trend information about whether the actuarial value of plan assets is increasing or decreasing over time relative to the actuarial accrued liabilities for benefits.

Projections for benefits for financial reporting purposes are based on the substantive plan (the plan as understood by the employer and plan members) and include the types of benefits provided at the time of each valuation and the historical pattern of sharing benefit costs between the employer and plan members to that point. The actuarial methods and assumptions used include techniques that are designed to reduce the effects of short-term volatility in actuarial accrued liabilities and the actuarial value of assets, consistent with the long-term perspective of the calculations.

66 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) The information presented was determined as part of the actuarial valuation as of July 1, 2019, which was projected forward to June 30, 2020. Additional information as of the last actuarial valuations as follows:

Valuation Date: July 1, 2019 Actuarial Cost Method: Entry Age Normal Asset Valuation Method: Market Value Amortization Method: Level dollar Remaining Amortization Period 20 Years Actuarial Assumptions: Discount rate 7.00%

In accordance with the Retired Pensioners (RP) 2000 Mortality Combined Healthy tables, with Blue Collar adjustments projected generationally using Scale BB-2D Health cost trend rates Average annual healthcare cost trend rates are assumed to be as follows:

Pre- Medicare Connecticut Year Medicare Partnership

2019 6.25% 4.00% 5.50% 2020 6.00% 4.00% 5.00% 2021 5.75% 4.00% 4.75% 2022 5.50% 4.00% 4.50% 2023 5.25% 4.00% 4.50% 2024 5.00% 4.00% 4.50% 2025 4.75% 4.00% 4.50% 2026 + 4.50% 4.00% 4.50%

For the year ended June 30, 2020, plan members contributed $2,115,817. The Town is required to contribute the balance of the current premium cost and may contribute an additional amount as determined by the Town in order to prefund benefits.

Employer contributions to the plan of $3,598,000 were made in accordance with actuarially determined requirements.

Investments:

Investment policy: The OPEB plan’s policy in regard to the allocation of invested assets is established and may be amended by the Board. Plan assets are managed on a total return basis with a long-term objective of achieving and maintaining a fully funded status for the benefits provided through the OPEB plan.

67 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) Rate of return: For the year ended June 30, 2020, the annual money-weighted rate of return on OPEB plan investments, net of OPEB plan investment expense, was as follows. The money-weighted rate of return expresses investment performance, net of investment expense, adjusted for the changing amounts actually invested:

OPEB Plan

Rate of return 7.00%

Net OPEB liability of the Town: The components of the net OPEB liability of the Town at the measurement date of June 30, 2020 were as follows:

Net OPEB Liability as of June 30, 2020 OPEB Plan

Total OPEB liability $ 55,581,903 Plan fiduciary net position 29,316,148 Net OPEB liability 26,265,755 Plan fiduciary net position as a percentage of total OPEB liability 52.74% Covered payroll 199,179,494 Net OPEB liability as a percentage of covered payroll 13.19%

Discount rate: The discount rate to measure the total OPEB liability was 7.00%. The projection of cash flows used to determine the discount rate assumed that plan member contributions will be made at the current contribution rate and that Town contributions will be made at rates equal to the difference between actuarially determined contribution rates and the member rate.

Based on those assumptions, the plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members.

Therefore, the long-term expected rates of return on pension plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

68 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) Assumed rate of return: The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which best-estimate ranges of expected future real rates of return are developed. Best estimates of the real rates of returns for each major asset class are included in the pension plan’s target asset allocation. Best estimates of arithmetic real rates of return for each major asset class included in the pension plan’s target asset allocation as of June 30, 2020, and the final investment return assumption, are summarized in the following table:

Long- Term Expected Asset Class Target Allocation Real Rate of Return Weighting

Domestic equity 0-30% 5.80% 49.00% International funds 0-20% 6.15% 20.00% Fixed income-U.S. 0-36% 1.65% 25.00% Alternatives 6-40% 7.25% 3.00% Cash equivalents 0-10% 0.40% 3.00% 100.00% Long-term inflation expectation 2.50% Long-term expected nominal return 7.00%

Changes in the Net OPEB Liability:

Changes in the Net OPEB Liability Increase (Decrease) Total OPEB Plan Fiduciary Net OPEB Liability Net Position Liability (a) (b) (a) - (b) Changes in the net OPEB liability: Balances at June 30, 2019 $ 55,234,680 $ 27,682,687 $ 27,551,993 Changes for the year: Service cost 654,155 - 654,155 Interest 3,802,841 - 3,802,841 Differences between expected and actual experience (930,946) - (930,946) Contributions- employer - 3,722,459 (3,722,459) Contributions- active member - 2,115,817 (2,115,817) Benefit payments, including refunds of members contributions (3,178,827) (5,294,644) 2,115,817 Administrative expenses - (52,025) 52,025 Net investment income - 1,141,854 (1,141,854) Net changes 347,223 1,633,461 (1,286,238) Balances at June 30, 2020 $ 55,581,903 $ 29,316,148 $ 26,265,755

69 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) Sensitivity of the net OPEB liability to changes in the discount rate: The following presents the net OPEB liability of the Town, calculated using the discount rate of 7.00%, as well as what the Town’s net OPEB liability would be if it were calculated using a discount rate that is 1.00% lower or 1.00% higher than the current rate:

Current 1% Decrease Discount Rate 1% Increase Net OPEB Liability 6.00% 7.00% 8.00%

OPEB Plan $ 29,516,033 $ 26,265,755 $ 23,178,032

Sensitivity of the net OPEB liability to changes healthcare cost trend rates:

Current 1% Decrease Trend Rates 1% Increase Net OPEB Liability 3.50% 4.50% 5.50%

OPEB Plan $ 19,813,816 $ 26,265,755 $ 33,872,576

OPEB expense and deferred outflows of resources and deferred inflows of resources related to OPEB: For the year ended June 30, 2020, the Town recognized OPEB expense of $761,303. At June 30, 2020, the Town reported deferred outflows of resources and deferred inflows of resources related to pension from the following sources:

Deferred Deferred Outflows of Inflows of Resources Resources Net Differences between expected and actual experience $ - $ (12,219,484) $ (12,219,484) Changes of assumptions - (1,060,149) (1,060,149) Net difference between projected and actual earnings on OPEB plan investments 925,601 - 925,601 $ 925,601 $ (13,279,633) $ (12,354,032)

Year ending June 30: 2021 $ (1,646,573) 2022 (1,646,573) 2023 (1,613,085) 2024 (1,697,420) Thereafter (5,750,381) $ (12,354,032)

70 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) Connecticut State Teachers’ Retirement System – Retiree Health Insurance Plan:

Plan description: Teachers, principals, superintendents or supervisors engaged in service of public schools plus professional employees at State Schools of higher education are eligible to participate in the Connecticut State Teachers’ Retirement System Retiree Health Insurance Plan (TRS-RHIP), a cost sharing multiple-employer defined benefit other post-employment benefit plan administered by the Teachers’ Retirement Board (TRB), if they choose to be covered. Chapter 167a Section 10-183 (t) of the State Statutes grants authority to establish and amend the benefit terms to the TRB. TRS-RHIP issues a publicly available financial report that can be obtained at www.ct.gov/trb.

Benefit provisions: There are two types of the health care benefits offered through the system. Subsidized Local School District Coverage provides a subsidy paid to members still receiving coverage through their former employer and the CTRB Sponsored Medicare Supplemental Plans provide coverage for those participating in Medicare, but not receiving Subsidized Local School District Coverage. Any member that is not currently participating in Medicare Parts A & B is eligible to continue health care coverage with their former employer. A subsidy of up to $110 per month for a retired member plus an additional $110 per month for a spouse enrolled in a local school district plan is provided to the school district to first offset the retiree’s share of the cost of coverage, any remaining portion is used to offset the district’s cost. The subsidy amount is set by statute, and has not increased since July of 1996. A subsidy amount of $220 per month may be paid for a retired member, spouse or the surviving spouse of a member who has attained the normal retirement age to participate in Medicare, is not eligible for Part A of Medicare without cost, and contributes at least $220 per month towards coverage under a local school district plan. Any member that is currently participating in Medicare Parts A & B is eligible to either continue health care coverage with their former employer, if offered, or enroll in the plan sponsored by the System. If they elect to remain in the plan with their former employer, the same subsidies as above will be paid to offset the cost of coverage.

If a member participating in Medicare Parts A & B so elects, they may enroll in one of the CTRB Sponsored Medicare Supplemental Plans. Active members, retirees, and the State pay equally toward the cost of the basic coverage (medical and prescription drug benefits). Effective July 1, 2018, the System added a Medicare Advantage Plan Option. Active members, retirees and the State pay equally toward the cost of the basic coverage (medical and prescription drug benefits) under the Medicare Advantage Plan. Retired members who choose to enroll in the Medicare Supplement Plan are responsible for the full difference in the premium cost between the two plans. Additionally, effective July 1, 2018 retired members who cancel their health care coverage or elect not to enroll in CRTB sponsored health care coverage option must wait two years to re-enroll.

Survivor health care coverage: Survivors of former employees or retirees remain eligible to participate in the Plan and continue to be eligible to receive either the $110 monthly subsidy or participate in the TRB - Sponsored Medicare Supplemental Plans, as long as they do not remarry.

Eligibility: Any member that is currently receiving a retirement or disability benefit is eligible to participate in the Plan.

Credited service: One month for each month of service as a teacher in Connecticut public schools, maximum 10 months for each school year. Ten months of credited service constitutes one year of Credited Service. Certain other types of teaching services, State employment, or wartime military service may be purchased prior to retirement, if the Member pays one-half the cost.

Normal retirement: Age 60 with 20 years of Credited Service in Connecticut, or 35 years of Credited Service including at least 25 years of service in Connecticut.

71 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) Early retirement: 25 years of Credited Service including 20 years of Connecticut service, or age 55 with 20 years of Credited Service including 15 years of Connecticut service.

Proratable retirement: Age 60 with 10 years of credited service

Disability retirement: 5 years of Credited Service in Connecticut if not incurred in the performance of duty and no service requirement if incurred in the performance of duty.

Termination of employment: 10 or more years of Credited Service.

Contributions:

State of Connecticut Per Connecticut General Statutes Section 10-183t, contribution requirements of active employees and the State of Connecticut are approved, amended and certified by the State Teachers Retirement Board and appropriated by the General Assembly. The State contributions are not currently actuarially funded. The State appropriates from the General Fund one third of the annual costs of the Plan. Administrative costs of the Plan are financed by the State. Based upon Chapter 167a, Subsection D of Section 10-183t of the Connecticut statutes, it is assumed the State will pay for any long-term shortfall arising from insufficient active member contributions.

Employer (School Districts)

School District employers are not required to make contributions to the plan.

Employees Each member is required to contribute 1.25% of their annual salary up to $500,000. Contributions in excess of $500,000 will be credited to the Retiree Health Insurance Plan.

Retirees Retirees pay per monthly premiums.

OPEB liabilities, OPEB expense, and deferred outflows of resources and deferred inflows of resources related to OPEB: At June 30, 2019, the Town reports no amounts for its proportionate share of the net OPEB liability, and related deferred outflows and inflows, due to the statutory requirement that the State pay 100% of the required contribution. The amount recognized by the Town as its proportionate share of the net OPEB liability, the related state support, and the total portion of the net OPEB liability that was associated with the Town was as follows:

Town's proportionate share of the net OPEB liability $ -

State's proportionate share of the net OPEB liability associated with the Town 63,414,984 $ 63,414,984

The net OPEB liability was measured as of June 30, 2018 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2018, which was rolled forward to determine the June 30, 2019 liability. At June 30, 2020, the Town has no proportionate share of the net OPEB liability.

For the year ended June 30, 2020, the Town recognized OPEB expense and revenue of $841,218 in the general fund for on-behalf amounts for the benefits provided by the State. 72 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 13. Other Post-Employment Benefits (Continued) Actuarial assumptions: The total OPEB liability was determined by an actuarial valuation as of June 30, 2018, which was rolled forward to the measurement date of June 30, 2019, using the following actuarial assumptions, applied to all periods included in the measurement:

Inflation 2.50% Pre-Medicare Health care costs trend rate 5.95% decreasing to 4.75% by 2025 Medicare Health care costs trend rate 5.00% decreasing to 4.75% by 2028 Salary increases 3.25-6.50%, including inflation Investment rate of return 3.00%, net of OPEB plan investment expense, including inflation Year fund net position will be depleted 2019

Mortality rates were based on the RPH-2014 White Collar table with employee and annuitant rates blended from ages 50 to 80, projected to the year 2020 using the BB improvement scale, and further adjusted to grade in increases (5% for females and 8% for males) over age 80. For disabled retirees, the RPH-2014 Disabled Mortality Table projected to 2020 using the BB improvement scale.

The actuarial assumptions used in the June 30, 2018 valuation were based on the results of an actuarial experience study for the period of July 1, 2020 to June 30, 2015.

The long-term expected rate of return on plan assets is reviewed as part of the GASB 74 valuation process. Several factors are considered in evaluating the long-term rate of return assumption, including the Plan’s current asset allocations and a log-normal distribution analysis using the best-estimate ranges of expected future real rates of return (expected return, net investment expense and inflation) for each major asset class. The long-term expected rate of return was determined by weighting the expected future real rates of return by the target asset allocation percentage and then adding expected inflation. The assumption is not expected to change absent a significant change in the asset allocation, a change in the inflation assumption, or a fundamental change in the market that alters expected returns in future years. The plan is 100% invested in U.S. Treasuries (Cash Equivalents) for which the expected 10-Year Geometric Real Rate of Return is (0.41%).

Discount rate: The discount rate used to measure the total OPEB liability was 3.50%. The projection of cash flows used to determine the discount rate assumed that employee contributions will be made at the current member contribution rate and that contributions for future plan members were used to reduce the estimated amount of total service costs for future plan members. No future State contributions were assumed to be made. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be depleted in 2019 and, as a result, the Municipal Bond Index Rate was used in the determination of the single equivalent rate.

Sensitivity of the net OPEB liability to changes in the health care cost trend rate and the discount rate: The Town’s proportionate share of the net OPEB liability is $-0- and, therefore, the change in the health care cost trend rate or the discount rate would only impact the amount recorded by the State of Connecticut.

Other information: Additional information is included in the required supplementary information section of the financial statements. A schedule of contributions is not presented as the Town has no obligation to contribute to the plan. Detailed information about the Connecticut State Teachers’ OPEB Plan fiduciary net position is available in the separately issued State of Connecticut Comprehensive Annual Financial Report at www.ct.gov.

73 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 14. Contingencies Other than as described in the next paragraph, there are several personal injury, negligence and personnel related lawsuits pending against the Town. The outcome and eventual liability of the Town, if any, in these cases is not known at this time. Based upon consultation with legal counsel, the Town’s management estimates that potential claims against the Town from such litigation would not materially affect the financial position of the Town. The Town has recorded in the government-wide financial statements $2.6 million to cover probable claims.

Note 15. Risk Management The Town is exposed to various risks of loss related to torts; theft of, damage to and destruction of assets; errors and omissions; injuries to employees; employee health; heart and hypertension benefits; and natural disasters. The Town carries commercial insurance for insurable risks of loss under most coverages with the exception of risks associated with dental, employee prescriptions, heart and hypertension benefits and workers’ compensation benefits. For the risk associated with worker compensation benefits, the Town purchases commercial insurance for individual claims in excess of $1 million. Coverage has not been materially reduced, nor have settled claims exceeded commercial coverage in any of the past three years. Liabilities for claims are recorded in the government-wide statements.

A roll-forward of the current claims liability, for which the Town is self-insured, is reported as follows:

Fiscal Fiscal 2020 2019

Claims liability, July 1 $ 14,023,595 $ 15,447,544 Add: claims incurred 1,215,368 676,757 Deduct: payments (3,427,118) (2,100,706) Claims liability, June 30 $ 11,811,845 $ 14,023,595

Note 16. Deficit Fund Equity The following funds had deficit fund balances at June 30, 2020:

Sewer improvement fund $ (3,790,586) Capital projects fund (7,169,574) Nathaniel Witherell fund (8,581,580) Public school lunch fund (469,110)

The deficits in the Sewer Improvement Fund and Capital Projects Fund will be eliminated by a future issuance of general obligation bonds and sewer assessment revenue. The deficit in the Nathaniel Witherell Fund and Public school lunch fund will be eliminated through future and increased subsidies from the Town.

74 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 17. Recently Issued Governmental Accounting Standards Board (GASB) Statements The Governmental Accounting Standards Board (GASB) has issued several pronouncements that have effective dates that may impact future financial presentations.

Management has not currently determined what, if any, impact implementation of the following statements may have on the financial statements:

• GASB Statement No. 84, Fiduciary Activities. This Statement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on (1) whether a government is controlling the assets of the fiduciary activity and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and postemployment benefit arrangements that are fiduciary activities. The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2021. Earlier application is encouraged.

• GASB Statement No. 87, Leases. This Statement improves the accounting and financial reporting for leases by governments. This Statement increases the usefulness of governments’ financial statements by requiring recognition of certain lease assets and liabilities for leases that previously were classified as operating leases and recognized as inflows of resources or outflows of resources based on the payment provisions of the contract. It establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this Statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and a deferred inflow of resources, thereby enhancing the relevance and consistency of information about governments’ leasing activities. The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2022. Earlier application is encouraged.

• GASB Statement No. 89, Accounting for Interest Cost Incurred before the End of a Construction Period. This Statement establishes accounting requirements for interest cost incurred before the end of a construction period. This Statement supersedes requirements in Statement No. 62, Codification of Accounting and Financial Reporting Guidance Contained in Pre-November 30, 1989 FASB and AICPA Pronouncements. This statement requires that interest cost incurred before the end of a construction period be recognized as an expense in the period in which the cost is incurred for financial statement prepared using the economic resources measurement focus. As a result, interest cost incurred before the end of a construction period will not be included in the historical cost of a capital asset. The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2022. Earlier application is encouraged.

• GASB Statement No. 90, Majority Equity Interests – an amendment of GASB Statements No. 14 and No. 61. This Statement defines a majority equity interest and specifies that a majority equity interest in a legally separate organization should be reported as an investment if a government’s holding of the equity interest meet the definition of an investment. For all other majority equity interest in a legally separate organization, a government should report the legally separate organization as a component unit, and the government or fund that holds the equity interest should report an asset related to the majority equity interest using the equity method. The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2022. Earlier application is encouraged.

75 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 17. Recently Issued Governmental Accounting Standards Board (GASB) Statements (Continued) • GASB Statement No. 91, Conduit Debt Obligations. The objectives of this Statement are to provide a single method of reporting conduit obligations.by issuers and eliminate diversity in practice associated with (1) commitments extended by issuers, (2) arrangements associated with conduit debt obligations, and (3) related note disclosures. The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2022. Earlier application is encouraged.

• GASB Statement No. 92, Omnibus 2020. The objectives of this Statement are to enhance comparability in accounting and financial reporting and to improve the consistency of authoritative literature by addressing practice issues that have been identified during implementation and application of certain GASB Statements. This Statement addresses a variety of topics and includes specific provisions. The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2022.

• GASB Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. The primary objective of this Statement is to improve financial reporting by addressing issues related to public-private and public-public partnership arrangements (PPPs). The requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2023.

• GASB Statement No. 96, Subscription-Based Information Technology Arrangements. This Statement provides guidance on the accounting and financial reporting for subscription-based information technology arrangements (SBITAs) for government end users. This requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2023.

• GASB Statement No. 97, Certain Component Unit Criteria, and Accounting and Financial Reporting for Internal Revenue Code Section 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 and No. 84, and a supersession of GASB Statement No. 32. The primary objectives of this Statement are to (1) increase consistency and comparability related to the reporting of fiduciary component units in circumstances in which a potential component unit does not have a governing board and the primary government performs the duties that a governing board typically would perform; (2) mitigate costs associated with the reporting of certain defined contribution pension plans, defined contribution other postemployment benefit (OPEB) plans, and employee benefit plans other than pension plans or OPEB plans (other employee benefit plans) as fiduciary component units in fiduciary fund financial statements; and (3) enhance the relevance, consistency, and comparability of the accounting and financial reporting for Internal Revenue Code (IRC) Section 457 deferred compensation plans (Section 457 plans) that meet the definition of a pension plan and for benefits provided through those plans. The requirements of this Statement that (1) exempt primary governments that perform the duties that a governing board typically performs from treating the absence of a governing board the same as the appointment of a voting majority of a governing board in determining whether they are financially accountable for defined contribution pension plans, defined contribution OPEB plans, or other employee benefit plans and (2) limit the applicability of the financial burden criterion in paragraph 7 of Statement 84 to defined benefit pension plans and defined benefit OPEB plans that are administered through trusts that meet the criteria in paragraph 3 of Statement 67 or paragraph 3 of Statement 74, respectively, are effective immediately. All other requirements of this Statement will take effect for financial statements starting with the fiscal year that ends June 30, 2023.

76 Town of Greenwich, Connecticut

Notes to Financial Statements

Note 18. Coronavirus (COVID-19) On January 30, 2020, the World Health Organization declared the coronavirus (COVID-19) to be a public health emergency. On March 11, 2020, the Governor and State of Connecticut declared a public health emergency and a civil preparedness emergency due to COVID-19.

The Town derives a significant portion of its revenue from property taxes. While the Town has not experienced any significant increase in the amount delinquent from its taxpayers, the situation creates uncertainty about the impact of future revenues that might be generated. In addition, at this time, it is uncertain what the effects of the pandemic will be on the Town’s health care costs, changes in interest rates, investment valuation and future federal or state fiscal relief.

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Required Supplementary Information - Unaudited

Town of Greenwich, Connecticut RSI-1

Required Supplementary Information - Unaudited Schedule of Revenues, Expenditures and Changes in Budgetary Fund Balance − Budgetary Basis − General Fund For the Year Ended June 30, 2020

General Fund

Actual Budgetary Variance With Original Final Basis Final Budget Revenues: Taxes and special assessments $ 384,085,985 $ 384,085,985 $ 385,892,180 $ 1,806,195 Licenses and permits 5,138,678 5,138,678 4,703,715 (434,963) Fines, forfeitures and penalties 1,633,500 1,633,500 1,191,392 (442,108) Use of money and property 2,572,820 2,572,820 3,803,347 1,230,527 Intergovernmental revenues 224,330 224,330 4,334,792 4,110,462 Charges for current services 13,473,411 13,473,411 12,555,225 (918,186) Other revenues 8,205,374 8,205,374 8,756,755 551,381 Total revenues 415,334,098 415,334,098 421,237,406 5,903,308

Expenditures: Current: General government 21,731,765 21,897,135 20,536,855 1,360,281 Public safety 38,094,296 38,094,296 36,932,659 1,161,638 Public works 24,203,919 24,203,919 22,636,180 1,567,739 Health 2,502,485 2,519,153 2,418,898 100,255 External operations 6,014,944 6,016,944 6,014,936 2,008 Human services 3,936,485 3,936,485 3,837,318 99,167 Schools 163,364,192 163,525,144 161,376,390 2,148,754 Libraries 11,425,961 11,425,961 11,122,961 303,000 Parks and recreation 11,330,444 11,390,200 10,887,745 502,455 Fixed charges 145,638,011 145,762,226 135,645,972 10,116,254 Total expenditures 428,242,502 428,771,463 411,409,913 17,361,550

Revenues over expenditures (12,908,404) (13,437,365) 9,827,492 23,264,858

Other financing sources (uses): Use of unrestricted fund balance 15,278,810 15,278,810 - (15,278,810) Premium on bonds 4,282,694 4,282,694 4,282,694 - Transfers in 9,125,000 9,125,000 3,372,476 (5,752,524) Transfers out (15,917,000) (15,917,000) (15,917,000) - Total other financing sources (uses) 12,769,504 12,769,504 (8,261,830) (21,031,334)

Net increase (decrease) in budgetary fund balance $ (138,900) $ (667,861) 1,565,662 $ 2,233,524

Budgetary fund balance, beginning 58,094,135

Budgetary fund balance, ending $ 59,659,797

See note to required supplementary information.

Town of Greenwich, Connecticut RSI-2

Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Budgetary Basis Sewer Improvement Fund For the Year Ended June 30, 2020

Sewer Improvement Fund

Original Final Variance With Budget Budget Actual Final Budget Revenues: Taxes and special assessments $ 3,080,000 $ 3,080,000 $ 3,112,039 $ 32,039 Use of money and property 15,000 15,000 20,693 5,693 Charges for current services 10,000 10,000 23,445 13,445 Other revenues 75,000 75,000 - (75,000) Total revenues 3,180,000 3,180,000 3,156,177 (23,823)

Expenditures: Current: Principal and interest 3,921,000 3,921,000 3,915,557 5,443 Capital outlay 7,359,000 7,359,000 23,615 7,335,385 Total expenditures 11,280,000 11,280,000 3,939,172 7,340,828

Revenue over (under) expenditures (8,100,000) (8,100,000) (782,995) 7,317,005

Other financing sources (uses): Issuance of bond 7,250,000 7,250,000 - (7,250,000) Loan repayment (500,000) (500,000) (514,305) (14,305) Transfers in 1,350,000 1,350,000 1,350,000 - Total other financing sources (uses) 8,100,000 8,100,000 835,695 (7,264,305)

Net change in fund balance $ - $ - 52,700 $ 52,700

Modified pay-as-you-go financing: Deferment of current appropriations - $ 23,615

Budgetary fund balance (deficit), beginning of year (4,199,377)

Budgetary fund balance (deficit), end of year $ (4,146,677)

Town of Greenwich, Connecticut RSI-3

Schedules of Revenues, Expenditures and Changes in Fund Balance - Budget and Actual - Budgetary Basis (Continued) Nathaniel Witherell Fund For the Year Ended June 30, 2020

Nathaniel Witherell Revolving Fund

Original Final Variance With Budget Budget Actual Final Budget Revenues: Licenses and permits - - - - Intergovernmental revenues 19,030,759 19,030,759 17,191,543 (1,839,216) Charges for current services 10,119,810 10,119,810 8,183,993 (1,935,817) Other revenues 131,000 131,000 269,786 138,786 Total revenues 29,281,569 29,281,569 25,645,322 (3,636,247)

Expenditures: Current: Nathaniel Witherell 23,302,327 23,302,327 23,090,589 211,738 Parks and recreation - - - - Fixed charges 5,639,332 5,639,332 5,634,112 5,220 Capital outlay 400,000 400,000 594,632 (194,632) Total expenditures 29,341,659 29,341,659 29,319,333 22,326 - Revenue over (under) expenditures (60,090) (60,090) (3,674,011) (3,613,921)

Other financing sources (uses): Loan repayment (1,775,152) (1,775,152) (1,854,801) (79,649) Transfers in 2,700,000 2,700,000 3,000,000 300,000 Transfers out (240,758) (240,758) (240,758) - Total other financing sources (uses) 684,090 684,090 904,441 (220,351)

Net change in fund balance $ 624,000 $ 624,000 (2,769,570) $ (3,834,272)

Budgetary fund balance (deficit), beginning of year (4,091,345)

Budgetary fund balance (deficit), end of year $ (6,860,915)

Town of Greenwich, Connecticut RSI-4

Required Supplementary Information - Unaudited Schedule of Contributions - Pension Plan Last Ten Fiscal Years

Actuarially Amount Contributions Determined of Actual Contribution as a Employer Town Deficiency/ Percentage Year Contribution Contribution (Excess) Covered Payroll of Payroll

2011 10,995,143 10,995,143 - 73,460,157 15.0% 2012 14,488,000 14,488,000 - 73,124,651 19.8% 2013 16,366,937 16,366,937 - 76,015,992 21.5% 2014 19,827,782 19,827,782 - 73,916,137 26.8% 2015 22,667,753 22,700,000 (32,247) 72,714,048 31.2% 2016 21,610,634 21,723,530 (112,896) 69,009,508 31.5% 2017 22,020,736 22,021,000 (264) 69,020,228 31.9% 2018 21,932,000 21,932,000 - 65,386,681 33.5% 2019 21,136,000 21,136,000 - 66,198,826 31.9% 2020 23,716,000 23,716,000 - 63,077,124 37.6%

Actuarial cost method Entry age Amortization method Level percent of pay, closed Single equivalent amortization period 13 years Asset valuation method 5-year smoothed market Inflation 2.25 percent Salary increase 2.50 percent + service based increases Investment rate of return 6.50 percent, net of investment related expense Cost-of-living adjustments (COLAS) 2.15 percent for those with contractual COLAS

Required Supplementary Information - Unaudited Schedule of Investment Returns - Pension Plan Last Seven Fiscal Years*

Annual money-weighted rate of return, net of investment expenses

2020 1.10% 2019 5.73% 2018 9.60% 2017 14.83% 2016 -0.11% 2015 1.42% 2014 16.89%

*Note: This schedule is intended to show ten years of information. Additional information will be added as it becomes available.

Town of Greenwich, Connecticut RSI-5

Required Supplementary Information − Unaudited OPEB - Schedule of Annual Required Contributions Last Ten Fiscal Years Schedule of Contributions - OPEB Plan 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011

Actuarially determined contribution $ 3,598,000 $ 4,352,000 $ 5,430,000 $ 6,280,533 $ 6,090,823 $ 5,765,500 $ 5,267,000 $ 4,620,000 $ 3,722,000 $ 3,661,000

Contributions in relation to the actuarially determined contribution 3,722,459 4,737,251 5,560,287 6,281,000 6,244,000 3,766,314 2,435,000 2,435,000 2,729,600 2,433,600

Contribution deficiency (excess) $ (124,459) $ (385,251) $ (130,287) $ (467) $ (153,177) $ 1,999,186 $ 2,832,000 $ 2,185,000 $ 992,400 $ 1,227,400

Covered payroll $ 199,179,494 $ 198,787,331 $ 186,191,103 $ 186,191,103 $ 185,625,661 $ 175,338,074 $ 173,280,576 $ 167,967,000 $ 165,742,000 $ 166,004,000

Contributions as a percentage of covered payroll 1.87% 2.38% 2.99% 3.37% 3.36% 2.15% 1.41% 1.45% 1.65% 1.47%

Notes to Schedule Actuarial cost method Entry age Amortization method Level percent of pay, closed Single equivalent amortization period 30 years Asset valuation method 5-year smoothed market Inflation 2.50 percent Investment rate of return 7.00 percent, net of investment related expense

Town of Greenwich, Connecticut RSI-6

Required Supplementary Information − Unaudited Schedule of Changes in the Town's Net Pension Liability and Related Ratios Last Seven Fiscal Years*

Changes in Net Pension Liability 2020 2019 2018 2017 2016 2015 2014

Total pension liability Service cost $ 10,374,441 $ 9,568,638 $ 9,681,075 $ 9,746,152 $ 9,988,437 $ 10,450,852 $ 10,276,539 Interest on total pension liability 39,894,852 38,650,891 37,546,100 36,518,183 35,593,489 34,656,892 34,549,590 Difference between expected and actual experience 11,479,006 3,687,788 (1,765,978) (3,648,676) (8,311,235) (13,506,973) - Change in benefit terms - 3,600,765 - - - - - Changes in assumptions - 17,325,912 - - 22,554,110 12,613,350 - Benefit payments (33,285,662) (31,678,380) (29,846,448) (28,583,931) (27,287,652) (26,199,390) (24,916,645) Net change in total pension liability 28,462,637 41,155,614 15,614,749 14,031,728 32,537,149 18,014,731 19,909,484

Total pension liability, beginning 619,773,337 578,617,723 563,002,974 548,971,246 516,434,097 498,419,366 478,509,882

Total pension liability, ending (a) 648,235,974 619,773,337 578,617,723 563,002,974 548,971,246 516,434,097 498,419,366

Fiduciary net position Contributions - employer 23,716,000 21,136,000 21,932,000 22,019,795 21,611,000 22,700,000 19,830,000 Contributions - member 3,048,386 2,666,256 2,336,776 2,163,861 2,031,843 2,466,859 2,356,677 Net investment income 5,513,028 27,558,866 42,103,563 58,449,720 (110,017) 3,141,314 57,572,554 Benefit payments, including refunds (33,285,662) (31,678,380) (29,846,448) (28,583,931) (27,287,652) (26,199,390) (24,916,645) Administrative expenses (554,997) (303,622) (377,427) (872,469) (476,886) (371,480) (308,929) Net change in plan fiduciary net position (1,563,245) 19,379,120 36,148,464 53,176,976 (4,231,712) 1,737,303 54,533,657

Fiduciary net position, beginning 493,976,278 474,597,158 438,448,694 385,271,718 389,503,430 387,766,127 333,232,470

Fiduciary net position, ending (b) 492,413,033 493,976,278 474,597,158 438,448,694 385,271,718 389,503,430 387,766,127

Net pension liability, ending = (a) - (b) $ 155,822,941 $ 125,797,059 $ 104,020,565 $ 124,554,280 $ 163,699,528 $ 126,930,667 $ 110,653,239

Fiduciary net position as a % of total pension liability 75.96% 79.70% 82.02% 77.88% 70.18% 75.42% 77.80%

Covered payroll $ 63,077,124 $ 66,198,826 $ 65,386,681 $ 69,020,228 $ 69,009,508 $ 71,448,856 $ 76,015,992

Net pension liability as a % of covered payroll 247.04% 190.03% 159.09% 180.46% 237.21% 177.65% 145.57%

*Note: This schedule is intended to show ten years of information. Additional information will be added as it becomes available.

Town of Greenwich, Connecticut RSI-7

Required Supplementary Information - unaudited Schedule of Changes in the Town's Net OPEB Liability and Related Ratios Last Four Fiscal Years*

OPEB Plan Changes in Net OPEB Liability 2020 2019 2018 2017 Total OPEB liability: Service cost $ 654,155 $ 665,503 $ 740,029 $ 686,929 Interest 3,802,841 3,994,941 4,613,975 4,569,232 Differences between expected and actual experience (930,946) (4,810,592) (10,929,149) - Changes in assumptions (1,363,049) - - Benefit payments, including refunds of member contributions (3,178,827) (3,484,969) (3,556,230) (5,701,588) Net change in total OPEB liability 347,223 (4,998,166) (9,131,375) (445,427)

Total OPEB, beginning 55,234,680 60,232,846 69,364,221 69,809,648

Total OPEB liability, ending (a) 55,581,903 55,234,680 60,232,846 69,364,221

Fiduciary net position: Employer contributions 3,722,459 4,692,304 5,560,287 6,281,000 Member contributions 2,115,817 1,668,067 2,596,719 3,864,118 Investment income net of investment expenses 1,141,854 1,492,824 1,792,381 3,473,800 Benefit payments, including refunds of member contributions (5,294,644) (5,073,253) (6,152,949) (9,565,706) Administrative expenses (52,025) (50,228) (89,639) (120,965) Net change in plan fiduciary net position 1,633,461 2,729,714 3,706,799 3,932,247

Fiduciary net position, beginning 27,682,687 24,952,973 21,246,174 17,313,927

Fiduciary net position, ending (b) 29,316,148 27,682,687 24,952,973 21,246,174

Net OPEB liability, ending = (a) - (b) $ 26,265,755 $ 27,551,993 $ 35,279,873 $ 48,118,047

Fiduciary net position as a % of total OPEB liability 52.74% 50.12% 41.43% 30.63%

Covered payroll $ 199,179,494 $ 198,787,331 $ 191,311,358 $ 186,191,103

Net OPEB liability as a % of covered payroll 13.19% 13.86% 18.44% 25.84%

*Note: This schedule is intended to show ten years of information. Additional information will be added as it becomes available.

Town of Greenwich, Connecticut RSI-8

Required Supplementary Information - unaudited Schedule of the Town's Proportionate Share of the Net Pension Liability - Teachers' Retirement System Last Six Fiscal Years*

2020 2019 2018 2017 2016 2015

Town's proportion of the net pension liability 0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Town's proportionate share of the net pension liability $ - $ - $ - $ - $ - $ -

State's proportionate share of the net pension liability associated with the Town $ 406,621,933 $ 313,529,134 $ 314,574,756 $ 331,878,731 $ 256,441,748 $ 237,029,005

Total $ 406,621,933 $ 313,529,134 $ 314,574,756 $ 331,878,731 $ 256,441,748 $ 237,029,005

Town's covered payroll $ 104,548,477 $ 102,927,639 $ 101,931,181 $ 94,393,000 $ 92,806,000 $ 90,942,000

Town's proportionate share of the net pension liability as a percentage of its covered payroll 0% 0% 0% 0% 0% 0%

System fiduciary net position as a percentage of the total pension liability 52.00% 57.69% 55.93% 52.26% 59.50% 61.51%

*Note: This schedule is intended to show ten years of information. Additional information will be added as it becomes available.

Notes to Schedule Change in benefit terms HB7424 made the following provision changes: (1) beginning July 1, 2019, annual interest credited on mandatory contributions set at 4.0% and (2) for members retiring on or after July 1, 2019 with a partial refund option election (Plan N), if 50% of the benefits paid prior to death do not exceed the Member’s mandatory contributions plus interest frozen at the date of the benefit commencement, the difference is paid to the Member’s beneficiary Change in assumptions Inflation was reduced from 2.75% to 2.50% Real rate of return was reduced from 5.25% to 4.40% which, when combined with the inflation change results in a decrease in the investment rate of return from 8.00% to 6.90% Annual rate of wage increase increased from 0.50% to 0.75% Phase in to a level dollar amortization method for the June 30, 2024 valuation

Actuarial cost method Entry age Amortization method Level percent of pay, closed Single equivalent amortization period 30 years Asset valuation method 4-year smoothed market Inflation 2.50% Salary increase 3.25-6.50%, including inflation Investment rate of return 6.90 percent, net of investment related expense

Town of Greenwich, Connecticut RSI-9

Required Supplementary Information - unaudited Schedule of the Town's Proportionate Share of the Net OPEB Liability - Teachers' Retiree Health Plan Last Three Fiscal Years*

2020 2019 2018

Town's proportion of the net pension liability 0.00% 0.00% 0.00%

Town's proportionate share of the net pension liability $ - $ - $ -

State's proportionate share of the net pension liability associated with the Town $ 63,414,984 $ 62,676,370 $ 80,967,974

Total $ 63,414,984 $ 62,676,370 $ 80,967,974

Town's covered payroll $ 104,548,477 $ 97,076,721 $ 99,709,004

Town's proportionate share of the net pension liability as a percentage of its covered payroll 0% 0% 0%

System fiduciary net position as a percentage of the total pension liability 2.08% 1.49% 1.79%

(continued)

*Note: This schedule is intended to show ten years of information. Additional information will be added as it becomes available.

Notes to Schedule: Changes in benefit terms: None

Changes of assumptions: The discount rate was decreased from 3.87% to 3.50% to reflec the change in the Municipal Bond Index rate. Additionally, expected annual per capita claims costs were updated to better reflect anticipated medical and prescription drug claim experience both before and after the plan change that became effective on January 1, 2019. Further, the expected rate of inflation was decreased and Real Wage Growth assumption was increased.

Actuarial cost method Entry age Amortization method Level percent of payroll Remaining amortization period 30 years, open Asset valuation method Market value of assets Investment rate of return 3.00%, net of investment related expense, including price inflation

87 Town of Greenwich, Connecticut RSI-9

Required Supplementary Information – Unaudited Note to Required Supplementary Information

Note 1. Stewardship, Compliance and Accountability Budgetary information: The Town’s Charter provides that:

(i) prior to the commencement of a fiscal year, an operating budget (a plan of financial operation embodying an estimate of proposed expenditures and the proposed means of financing them) for that year for the General Fund, Special Revenue Funds and the Enterprise Fund be submitted to the RTM by the BET;

(ii) the expenditure portion of the operating budget (appropriations) be given legal effect through resolution of the RTM;

(iii) the BET and RTM meet often to review subsequent appropriations (those under $5,000 can be authorized by the BET; those over $5,000 must also be approved by a resolution of the RTM except for labor contracts which are approved for financing by the RTM). Only the BET and the RTM may modify the budget through interim appropriations. Management can approve transfers up to $5,000 but cannot add to the budget. There were interim appropriations (supplemental budgetary appropriations) of $889,360 for the General Fund.

(iv) expenditures cannot exceed appropriations for any department within each function unless an appropriation change is approved by the BET and RTM; and

(v) unencumbered balances of appropriations lapse at the end of the fiscal year.

Accordingly, the budgetary data presented in the financial statements represents both legal limitations and planned operating amounts.

Annual budgets are legally adopted for the General Fund, Sewer Maintenance Fund, Sewer Improvement Fund, Public School Lunch Revolving Fund, Parking Fund, Leased Railroad Fund, Golf Course Fund and Nathaniel Witherell Fund. All annual appropriations lapse at fiscal year-end.

Presentation of revenues and expenditures - budget basis: For its General Fund, the Town reports actual revenues and expenditures in the fund statements in accordance with GAAP and in the budgetary comparison statement on a budget basis. The difference between these methods primarily relates to the treatment of encumbrances, improvement appropriations continued in force and on-behalf payments from the State for teachers’ retirement.

88 Town of Greenwich, Connecticut RSI-9

Required Supplementary Information – Unaudited Note to Required Supplementary Information

Note 1. Stewardship, Compliance and Accountability (Continued) The following is a reconciliation of these differences at June 30, 2020:

Sewer Nathaniel General Improvement Witherell Fund Fund Fund Revenues: Revenues and other financing sources - GAAP basis $ 458,811,357 $ 3,104,545 $ 29,357,057 Cancelled encumbrances 1,938,455 - - Increase (decrease) in reserved for future use (87,858) - - Increase (decrease) in unavilable revenue - 51,632 (711,735) State on-behalf payments for teacher retirements (31,620,543) - - Revenues and other financing sources - budget basis $ 429,041,411 $ 3,156,177 $ 28,645,322

Expenditures: Expenditures and other financing uses - GAAP basis $ 452,958,161 $ 6,275,741 $ 30,964,697 Changes in reserves for encumbrances, improvement appropriations continued in force 8,893,670 - - Difference in GAAP accruals (2,904,374) (1,822,264) 450,195 State on-behalf payments for teacher retirements (31,620,543) - - Expenditures and other financing uses - budget basis $ 427,326,914 $ 4,453,477 $ 31,414,892

The Town also finances some nonrecurring expenditures, principally capital projects and some major equipment acquisitions, by the modified “pay-as-you-go” plan, authorized by Connecticut General Statute 7-346. This statute permits the financing of nonrecurring expenditures over a period not to exceed five years. At June 30, 2020, the taxpayers’ financing obligations of nonrecurring expenditures to be financed by future tax levies amounted to $4,034,000 and are scheduled to be funded as follows:

Sewer Maintenance Fund Fiscal year ending June 30: 2020 $ 2,189,000 2021 1,235,000 2022 370,000 2023 240,000 $ 4,034,000

APPENDIX B - FORM OF OPINION OF BOND COUNSEL - THE SERIES A BONDS

280 Trumbull Street Hartford, CT 06103-3597 Main (860) 275-8200 Fax (860) 275-8299

January ___, 2021

Town of Greenwich, Greenwich, Connecticut

Ladies and Gentlemen:

We have examined certified copies of the proceedings of the Town of Greenwich, Connecticut (the “Town”), a Tax Regulatory Agreement of the Town, dated January ___, 2021 (the “Tax Regulatory Agreement”), and other proofs submitted to us relative to the issuance and sale of $30,000,000 Town of Greenwich, Connecticut General Obligation Bonds, Issue of 2021, Series A, dated January ___, 2021 (the “Bonds”), maturing on January 15 in each of the years, in the principal amounts and bearing interest payable on July 15, 2021 and semiannually thereafter on July 15 and January 15 in each year until maturity, at the rates per annum as follows:

Year of Principal Interest Rate Year of Principal Interest Rate Maturity Amount Per Annum Maturity Amount Per Annum 2022 $6,000,000 % 2025 $6,000,000 % 2023 6,000,000 2026 6,000,000 2024 6,000,000

with principal payable at the principal office of U.S. Bank National Association, in Hartford, Connecticut, and with interest payable to the registered owner as of the close of business on the last business day of June and December in each year, by check mailed to such registered owner at his address as shown on the registration books of the Town kept for such purpose. The Bonds are not subject to redemption prior to maturity.

The Bonds are originally registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), to effect a book-entry system for the ownership and transfer of the Bonds. So long as DTC or its nominee is the registered owner, principal and interest payments on the Bonds will be made to DTC.

We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Bonds, and we express no opinion relating thereto, excepting only the matters set forth as our opinion in the Official Statement.

We are of the opinion that such proceedings and proofs show lawful authority for the issuance and sale of the Bonds under authority of the Constitution and General Statutes of Connecticut and that the Bonds are a valid general obligation of the Town the principal of and interest on which is payable from ad valorem taxes which may be levied on all taxable property subject to taxation by the Town without limitation as to rate or amount except as to classified property, such as certified forest lands taxable at a limited rate and dwelling houses of qualified elderly persons of low income or of qualified disabled persons taxable at limited amounts. We are further of the opinion that the Tax Regulatory Agreement is a valid and binding agreement of the Town.

B-1

In our opinion, under existing statutes and court decisions, interest on the Bonds is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax. We express no opinion regarding any other federal income tax consequences caused by ownership or disposition of, or receipt of interest on, the Bonds.

In rendering the foregoing opinions regarding the federal tax treatment of interest on the Bonds, we have relied upon and assumed (i) the material accuracy of the representations, statements of intention and expectations, and certifications of fact contained in the Tax Regulatory Agreement, and (ii) the compliance by the Town with the covenants and procedures set forth in the Tax Regulatory Agreement as to such tax matters.

We are further of the opinion that, under existing statutes, interest on the Bonds is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the federal alternative minimum tax. We express no opinion regarding any other State or local tax consequences caused by the ownership or disposition of the Bonds.

Legislation affecting the exclusion from gross income of interest on State or local bonds, such as the Bonds, is regularly under consideration by the United States Congress. There can be no assurance that legislation enacted or proposed after the date of issuance of the Bonds will not reduce or eliminate the benefit of the exclusion from gross income of interest on the Bonds or adversely affect the market price of the Bonds.

These opinions are rendered as of the date hereof and are based on existing law, which is subject to change. We assume no obligation to update or supplement these opinions to reflect any facts or circumstances that may come to our attention, or to reflect any changes in law that may hereafter occur or become effective.

The rights of owners of the Bonds and the enforceability of the Bonds and the Tax Regulatory Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and by application of equitable principles, whether considered at law or in equity.

Respectfully,

B-2

APPENDIX C - FORM OF OPINION OF BOND COUNSEL - THE SERIES B BONDS

280 Trumbull Street Hartford, CT 06103-3597 Main (860) 275-8200 Fax (860) 275-8299

[FORM OF OPINION OF BOND COUNSEL]

January ___, 2021

Town of Greenwich, Greenwich, Connecticut

Ladies and Gentlemen:

We have examined certified copies of the proceedings of the Town of Greenwich, Connecticut (the “Town”), a Tax Regulatory Agreement of the Town, dated January ___, 2021 (the “Tax Regulatory Agreement”), and other proofs submitted to us relative to the issuance and sale of $10,235,000* Town of Greenwich, Connecticut General Obligation Refunding Bonds, Issue of 2021, Series B, dated January ___, 2021 (the “Bonds”), maturing on June 1 in each of the years, in the principal amounts and bearing interest payable on June 1, 2021 and semiannually thereafter on June 1 and December 1 in each year until maturity or earlier redemption, at the rates per annum as follows:

Year of Principal Interest Rate Year of Principal Interest Rate Maturity Amount* Per Annum Maturity Amount* Per Annum 2021 $ % 2029 $ % 2022 2030 2023 2031 2024 2032 2025 2033 2026 2034 2027 2035 2028 with principal payable at the principal office of U.S. Bank National Association, in Hartford, Connecticut, and with interest payable to the registered owner as of the close of business on the fifteenth day of November and May in each year, or the preceding business day if such fifteenth day is not a business day, by check mailed to such registered owner at his address as shown on the registration books of the Town kept for such purpose. The Bonds are subject to redemption prior to maturity as therein provided.

______* Preliminary, subject to change.

C-1

The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain requirements that must be met at and subsequent to the issuance and delivery of the Bonds in order that interest on the Bonds be and remain excluded from gross income for federal income tax purposes. The Town has covenanted in the Tax Regulatory Agreement that it will at all times perform all acts and things necessary or appropriate under any valid provision of law to ensure that interest paid on the Bonds shall be excluded from gross income for federal income tax purposes under the Code. In our opinion, under existing statutes and court decisions, interest on the Bonds is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax. We express no opinion regarding any other federal income tax consequences caused by ownership or disposition of, or receipt of interest on, the Bonds.

Respectfully,

C-2

APPENDIX D - FORM OF OPINION OF BOND COUNSEL - THE NOTES

280 Trumbull Street Hartford, CT 06103-3597 Main (860) 275-8200 Fax (860) 275-8299

January ___, 2021

Town of Greenwich, Greenwich, Connecticut

Ladies and Gentlemen:

We have examined certified copies of the proceedings of the Town of Greenwich, Connecticut (the “Town”), a Tax Regulatory Agreement of the Town, dated January ___, 2021 (the “Tax Regulatory Agreement”), and other proofs submitted to us relative to the issuance and sale of $55,000,000 Town of Greenwich, Connecticut General Obligation Bond Anticipation Notes, Issue of 2021, dated January 14, 2021 and maturing January 13, 2022, consisting of Note R-__ in the aggregate principal amount of $55,000,000, bearing interest at the rate of ___% per annum, with principal and interest payable at maturity (the “Notes”). The Notes are not subject to redemption prior to maturity.

The Notes are originally registered in the name of Cede & Co., as nominee of The Depository Trust Company (“DTC”), to effect a book-entry system for the ownership and transfer of the Notes. So long as DTC or its nominee is the registered owner, principal and interest payments on the Notes will be made to DTC.

We have not been engaged or undertaken to review the accuracy, completeness or sufficiency of the Official Statement or other offering material relating to the Notes, and we express no opinion relating thereto, excepting only the matters set forth as our opinion in the Official Statement.

We are of the opinion that such proceedings and proofs show lawful authority for the issuance and sale of the Notes under authority of the Constitution and General Statutes of Connecticut and that the Notes are a valid general obligation of the Town the principal of and interest on which is payable from ad valorem taxes which may be levied on all taxable property subject to taxation by the Town without limitation as to rate or amount except as to classified property, such as certified forest lands taxable at a limited rate and dwelling houses of qualified elderly persons of low income or of qualified disabled persons taxable at limited amounts. We are further of the opinion that the Tax Regulatory Agreement is a valid and binding agreement of the Town.

The Internal Revenue Code of 1986, as amended (the “Code”), establishes certain requirements that must be met at and subsequent to the issuance and delivery of the Notes in order that interest on the Notes be and remain excluded from gross income for federal income tax purposes. The Town has covenanted in the Tax Regulatory Agreement that it will at all times perform all acts and things necessary or appropriate under any valid provision of law to ensure that interest paid on the Notes shall be excluded from gross income for federal income tax purposes under the Code.

In our opinion, under existing statutes and court decisions, interest on the Notes is excluded from gross income for federal income tax purposes and is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax. We express no opinion regarding any other federal income tax consequences caused by ownership or disposition of, or receipt of interest on, the Notes.

In rendering the foregoing opinions regarding the federal tax treatment of interest on the Notes, we have relied upon and assumed (i) the material accuracy of the representations, statements of intention and expectations, and certifications of fact contained in the Tax Regulatory Agreement, and (ii) the compliance by the Town with the covenants and procedures set forth in the Tax Regulatory Agreement as to such tax matters.

D-1

We are further of the opinion that, under existing statutes, interest on the Notes is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay the federal alternative minimum tax. We express no opinion regarding any other State or local tax consequences caused by the ownership or disposition of the Notes.

Legislation affecting the exclusion from gross income of interest on State or local bonds, such as the Notes, is regularly under consideration by the United States Congress. There can be no assurance that legislation enacted or proposed after the date of issuance of the Notes will not reduce or eliminate the benefit of the exclusion from gross income of interest on the Notes or adversely affect the market price of the Notes.

The rights of owners of the Notes and the enforceability of the Notes and the Tax Regulatory Agreement may be limited by bankruptcy, insolvency, reorganization, moratorium and other similar laws affecting creditors’ rights generally and by application of equitable principles, whether considered at law or in equity.

Respectfully,

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APPENDIX E - FORM OF CONTINUING DISCLOSURE AGREEMENT - THE BONDS

CONTINUING DISCLOSURE AGREEMENT Town of Greenwich, Connecticut $30,000,000 General Obligation Bonds, Issue of 2021, Series A and $10,235,000* General Obligation Refunding Bonds, Issue of 2021, Series B dated January ___, 2021

January ___, 2021

WHEREAS, the Town of Greenwich, Connecticut (the “Town”) has heretofore authorized the issuance of $30,000,000 in aggregate principal amount of its General Obligation Bonds, Issue of 2021, Series A and $10,235,000* in aggregate principal amount of its General Obligation Refunding Bonds, Issue of 2021, Series B, each dated January ___, 2021 (together, the “Bonds”), maturing on the dates and in the amounts set forth in the Town’s Official Statement dated January ___, 2021 describing the Bonds (the “Official Statement”); and

WHEREAS, the Bonds have been sold by a competitive bid pursuant to Notices of Sale, dated December 23, 2020 (the “Notices of Sale”); and

WHEREAS, in the Notices of Sale, the Town has heretofore acknowledged that an underwriter may not purchase or sell the Bonds unless it has reasonably determined that the Town has undertaken in a written agreement for the benefit of the beneficial owners of the Bonds to provide certain continuing disclosure information as required by Securities and Exchange Commission Rule 15c2-12(b)(5), as amended from time to time (the “Rule”), and the Town desires to assist the underwriter of the Bonds in complying with the Rule; and

WHEREAS, the Town is authorized pursuant to Section 3-20e of the General Statutes of Connecticut to make such representations and agreements for the benefit of the beneficial owners of the Bonds to meet the requirements of the Rule; and

WHEREAS, in order to assist the underwriter of the Bonds in complying with the Rule, this Continuing Disclosure Agreement (this “Agreement”) is to be made, executed and delivered by the Town in connection with the issuance of the Bonds and to be described in the Official Statement, all for the benefit of the beneficial owners of the Bonds, as they may be from time to time;

NOW, THEREFORE, the Town hereby represents, covenants and agrees as follows:

Section 1. Definitions. In addition to the terms defined above, the following capitalized terms shall have the meanings ascribed thereto:

“Annual Report” shall mean any Annual Report provided by the Town pursuant to, and as described in, Sections 2 and 3 of this Agreement.

“Financial Obligation” shall mean any (i) debt obligation, (ii) derivative instrument entered into in connection with, or pledged as security or source of payment for, an existing or planned debt obligation, or (iii) guarantee of (i) or (ii). Municipal securities as to which a final official statement has been filed with the Repository, consistent with the Rule, shall not be considered a Financial Obligation.

“Fiscal Year End” shall mean the last day of the Town’s fiscal year, currently June 30.

“Listed Events” shall mean any of the events listed in Section 4 of this Agreement.

“MSRB” shall mean the Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, as amended, or any successor thereto.

______* Preliminary, subject to change.

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“Repository” shall mean the Electronic Municipal Market Access (EMMA) system as described in 1934 Act Release No. 57577 for purposes of the Rule, the MSRB or any other nationally recognized municipal securities information repository or organization recognized by the SEC from time to time for purposes of the Rule.

“SEC” shall mean the Securities and Exchange Commission of the United States or any successor thereto.

Section 2. Annual Reports.

(a) The Town shall provide or cause to be provided to the Repository in electronic format, accompanied by identifying information, as prescribed by the MSRB, the following annual financial information and operating data regarding the Town:

(i) Audited financial statements as of and for the year ending on its Fiscal Year End prepared in accordance with accounting principles generally accepted in the United States, as promulgated by the Governmental Accounting Standards Board from time to time or mandated state statutory principles as in effect from time to time; and

(ii) Financial information and operating data as of and for the year ending on its Fiscal Year End of the following type to the extent not included in the audited financial statements described in (i) above:

(A) the amounts of the gross and net taxable grand list;

(B) a listing of the ten largest taxpayers on the grand list, together with each such taxpayer’s taxable valuation thereon;

(D) a schedule of the annual debt service on outstanding long-term bonded indebtedness;

(E) a calculation of the net direct debt, total direct debt, and total overall net debt (reflecting overlapping and underlying debt);

(F) the total direct debt, total net direct debt and total overall net debt of the Town per capita;

(G) the ratios of total direct debt and total overall net debt of the Town to the Town’s net taxable grand list;

(H) a statement of statutory debt limitations and debt margins; and

(I) the funding status of the Town’s pension benefit obligations.

(b) The above-referenced information is expected to be provided by the filing of and cross reference to the Town’s audited financial statements. The information may be provided in whole or in part by cross-reference to other documents previously provided to the Repository, including official statements of the Town which will be available from the MSRB.

(c) Subject to the requirements of Section 8 hereof, the Town reserves the right to modify from time to time the type of financial information and operating data provided or the format of the presentation of such financial information and operating data, to the extent necessary or appropriate; provided that the Town agrees that any such modification will be done in a manner consistent with the Rule. The Town also reserves the right to modify the preparation and presentation of financial statements described herein as may be required to conform with changes in Connecticut law applicable to municipalities or any changes in generally accepted accounting principles, as promulgated by the Governmental Accounting Standards Board from time to time.

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Section 3. Timing. The Town shall provide the financial information and operating data referenced in Section 2(a) not later than eight months after each Fiscal Year End subsequent to the date of issuance of the Bonds, provided, however, that if such financial information and operating data for the Fiscal Year End preceding the date of issuance of the Bonds is not contained in the Official Statement for the Bonds or has not otherwise been previously provided, the Town shall provide such financial information and operating data no later than eight months after the close of such preceding Fiscal Year End. The Town agrees that if audited financial statements are not available eight months after the close of any Fiscal Year End, it shall submit unaudited financial statements by such time and will submit audited financial statements information when and if available.

Section 4. Event Notices. The Town agrees to provide, or cause to be provided, in a timely manner not in excess of ten (10) business days after the occurrence of the event, notice to the Repository in electronic format, accompanied by identifying information, as prescribed by the MSRB, of the occurrence of any of the following events:

(i) principal and interest payment delinquencies;

(ii) non-payment related defaults, if material;

(iii) unscheduled draws on debt service reserves reflecting financial difficulties;

(iv) unscheduled draws on credit enhancements reflecting financial difficulties;

(v) substitution of credit or liquidity providers, or their failure to perform;

(vi) adverse tax opinions; the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Bonds, or other material events affecting the tax status of the Bonds;

(vii) modifications to rights of Bondholders, if material;

(viii) Bond calls, if material, and tender offers;

(ix) defeasances;

(x) release, substitution, or sale of property securing repayment of the Bonds, if material;

(xi) rating changes;

(xii) bankruptcy, insolvency, receivership, or similar event of any obligated person;

(xiii) the consummation of a merger, consolidation, or acquisition involving any obligated person or the sale of all or substantially all of the assets of any obligated person, other than in the ordinary course of business, the entry into a definitive agreement to undertake any such an action or the termination of a definitive agreement relating to such actions, other than pursuant to its terms, if material;

(xiv) appointment of a successor or additional trustee or the change of name of a trustee, if any, if material;

(xv) incurrence of a Financial Obligation by any obligated person, if material, or agreement to covenants, events of default, remedies, priority rights, or other similar terms of a Financial Obligation of any obligated person, any of which affect Bondholders, if material; and

(xvi) default, event of acceleration, termination event, modification of terms, or other similar events under the terms of a Financial Obligation of any obligated person, any of which reflect financial difficulties.

Section 5. Notice of Failure. The Town agrees to provide, or cause to be provided, in a timely manner to the Repository in electronic format, accompanied by identifying information, as prescribed by the MSRB, notice of any failure by the Town to provide the annual financial information described in Section 2(a) of this Agreement on or before the date described in Section 3 of this Agreement.

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Section 6. Termination of Reporting Obligation. The Town’s obligations under this Agreement shall terminate upon the defeasance, prior redemption or payment in full of all of the Bonds.

Section 7. Agent. The Town may, from time to time, appoint or engage an agent to assist it in carrying out its obligations under this Agreement, and may discharge any such agent, with or without appointing a successor agent.

Section 8. Amendment; Waiver. Notwithstanding any other provision of this Agreement, the Town may amend this Agreement, and any provision of this Agreement may be waived, if such amendment or waiver is made in connection with a change in circumstances that arises from a change in legal requirements, a change in law, or a change in the identity, nature or status of the Town, and is supported by an opinion of counsel expert in federal securities laws, to the effect that (i) such amendment or waiver would not materially adversely affect the beneficial owners of the Bonds and (ii) this Agreement, as so amended, would have complied with the requirements of the Rule as of the date of this Agreement, taking into account any amendments or interpretations of the Rule as well as any changes in circumstances. A copy of any such amendment will be filed in a timely manner with the Repository in electronic format. The Annual Report provided on the first date following adoption of any such amendment will explain, in narrative form, the reasons for the amendment and the impact of the change in the type of financial information or operating data provided.

Section 9. Additional Information. Nothing in this Agreement shall be deemed to prevent the Town from disseminating any other information, using the means of dissemination set forth in this Agreement or any other means of communication, or including any other information in any Annual Report or providing notice of the occurrence of any other event, in addition to that which is required by this Agreement. If the Town chooses to include any other information in any Annual Report or provide notice of the occurrence of any other event in addition to that which is specifically required by this Agreement, the Town shall have no obligation under this Agreement to update such information or include or provide such information or notice of the occurrence of such event in the future.

Section 10. Indemnification. The Town agrees, pursuant to applicable law, to indemnify and save its officials, officers and employees harmless against any loss, expense or liability which they may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorney’s fees) of defending against any claim of liability hereunder, but excluding any loss, expense or liability due to any such person’s malicious, wanton, or willful act. The obligations of the Town under this Section shall survive termination of this Agreement.

Section 11. Enforceability. The Town agrees that its undertaking pursuant to the Rule set forth in this Agreement is intended to be for the benefit of and enforceable by the beneficial owners of the Bonds. In the event the Town shall fail to perform its duties hereunder, the Town shall have the option to cure such failure after its receipt of written notice from any beneficial owner of the Bonds of such failure. In the event the Town does not cure such failure, the right of any beneficial owner of the Bonds to enforce the provisions of this undertaking shall be limited to a right to obtain specific performance of the Town’s obligations hereunder. No monetary damages shall arise or be payable hereunder, nor shall any failure to comply with this Agreement constitute a default of the Town with respect to the Bonds.

IN WITNESS WHEREOF, the Town has caused this Continuing Disclosure Agreement to be executed in its name by its undersigned officers, duly authorized, all as of the date first above written.

TOWN OF GREENWICH, CONNECTICUT

By: Name: Peter Mynarski, Jr. Title: Comptroller

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APPENDIX F - FORM OF CONTINUING DISCLOSURE AGREEMENT - THE NOTES

CONTINUING DISCLOSURE AGREEMENT Town of Greenwich, Connecticut $55,000,000 General Obligation Bond Anticipation Notes, Issue of 2021 dated January 14, 2021

January ___, 2021

WHEREAS, the Town of Greenwich, Connecticut (the “Town”) has heretofore authorized the issuance of $55,000,000 in aggregate principal amount of its General Obligation Bond Anticipation Notes, Issue of 2021, dated January 14, 2021 (the “Notes”), maturing on the dates and in the amounts set forth in the Town’s Official Statement dated January ___, 2021 describing the Notes (the “Official Statement”); and

WHEREAS, the Notes have been sold by a competitive bid pursuant to a Notice of Sale, dated December 23, 2020 (the “Notice of Sale”); and

WHEREAS, in the Notice of Sale, the Town has heretofore acknowledged that an underwriter may not purchase or sell the Notes unless it has reasonably determined that the Town has undertaken in a written agreement for the benefit of the beneficial owners of the Notes to provide certain continuing disclosure information as required by Securities and Exchange Commission Rule 15c2-12(b)(5), as amended from time to time (the “Rule”), and the Town desires to assist the underwriter of the Notes in complying with the Rule; and

WHEREAS, in order to assist the underwriter of the Notes in complying with the Rule, this Continuing Disclosure Agreement (this “Agreement”) is to be made, executed and delivered by the Town in connection with the issuance of the Notes and to be described in the Official Statement, all for the benefit of the beneficial owners of the Notes, as they may be from time to time;

NOW, THEREFORE, the Town hereby represents, covenants and agrees as follows:

Section 1. Definitions. In addition to the terms defined above, the following capitalized terms shall have the meanings ascribed thereto:

“Listed Events” shall mean any of the events listed in Section 2 of this Agreement.

“MSRB” shall mean the Municipal Securities Rulemaking Board established pursuant to Section 15B(b)(1) of the Securities Exchange Act of 1934, as amended, or any successor thereto.

“SEC” shall mean the Securities and Exchange Commission of the United States or any successor thereto.

Section 2. Event Notices. The Town agrees to provide, or cause to be provided, in a timely manner not in excess of ten (10) business days after the occurrence of the event, notice to the Repository in electronic format, accompanied by identifying information, as prescribed by the MSRB, of the occurrence of any of the following events:

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(i) principal and interest payment delinquencies;

(ii) non-payment related defaults, if material;

(iii) unscheduled draws on debt service reserves reflecting financial difficulties;

(iv) unscheduled draws on credit enhancements reflecting financial difficulties;

(v) substitution of credit or liquidity providers, or their failure to perform;

(vi) adverse tax opinions; the issuance by the Internal Revenue Service of proposed or final determinations of taxability, Notices of Proposed Issue (IRS Form 5701-TEB) or other material notices or determinations with respect to the tax status of the Notes, or other material events affecting the tax status of the Notes;

(ix) modifications to rights of Noteholders, if material;

(x) Note calls, if material, and tender offers;

(ix) defeasances;

(x) release, substitution, or sale of property securing repayment of the Notes, if material;

(xi) rating changes;

(xii) bankruptcy, insolvency, receivership, or similar event of any obligated person;

(xiv) appointment of a successor or additional trustee or the change of name of a trustee, if any, if material;

Section 3. Termination of Reporting Obligation. The Town’s obligations under this Agreement shall terminate upon the defeasance, prior redemption or payment in full of all of the Notes.

Section 4. Agent. The Town may, from time to time, appoint or engage an agent to assist it in carrying out its obligations under this Agreement, and may discharge any such agent, with or without appointing a successor agent.

Section 5. Amendment; Waiver. Notwithstanding any other provision of this Agreement, the Town may amend this Agreement, and any provision of this Agreement may be waived, if such amendment or waiver is made in connection with a change in circumstances that arises from a change in legal requirements, a change in law, or a change in the identity, nature or status of the Town, and is supported by an opinion of counsel expert in federal securities laws, to the effect that (i) such amendment or waiver would not materially adversely affect the beneficial owners of the Notes and (ii) this Agreement, as so amended, would have complied with the requirements of the Rule as of the date of this Agreement, taking into account any amendments or interpretations of the Rule as well as any changes in circumstances. A copy of any such amendment will be filed in a timely manner with the Repository in electronic format. The Annual Report provided on the first date following adoption of any such amendment will explain, in narrative form, the reasons for the amendment and the impact of the change in the type of financial information or operating data provided.

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Section 6. Additional Information. Nothing in this Agreement shall be deemed to prevent the Town from disseminating any other information, using the means of dissemination set forth in this Agreement or any other means of communication, or providing notice of the occurrence of any other event, in addition to that which is required by this Agreement. If the Town chooses to disseminate any other information or provide notice of the occurrence of any other event in addition to that which is specifically required by this Agreement, the Town shall have no obligation under this Agreement to update such information or provide such information or notice of the occurrence of such event in the future.

Section 7. Indemnification. The Town agrees, pursuant to applicable law, to indemnify and save its officials, officers and employees harmless against any loss, expense or liability which they may incur arising out of or in the exercise or performance of its powers and duties hereunder, including the costs and expenses (including attorney’s fees) of defending against any claim of liability hereunder, but excluding any loss, expense or liability due to any such person’s malicious, wanton, or willful act. The obligations of the Town under this Section shall survive termination of this Agreement.

Section 8. Enforceability. The Town agrees that its undertaking pursuant to the Rule set forth in this Agreement is intended to be for the benefit of and enforceable by the beneficial owners of the Notes. In the event the Town shall fail to perform its duties hereunder, the Town shall have the option to cure such failure after its receipt of written notice from any beneficial owner of the Notes of such failure. In the event the Town does not cure such failure, the right of any beneficial owner of the Notes to enforce the provisions of this undertaking shall be limited to a right to obtain specific performance of the Town’s obligations hereunder. No monetary damages shall arise or be payable hereunder, nor shall any failure to comply with this Agreement constitute a default of the Town with respect to the Notes.

IN WITNESS WHEREOF, the Town has caused this Continuing Disclosure Agreement to be executed in its name by its undersigned officers, duly authorized, all as of the date first above written.

TOWN OF GREENWICH, CONNECTICUT

By: Name: Peter Mynarski, Jr. Title: Comptroller

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APPENDIX G – NOTICE OF SALE – THE SERIES A BONDS

NOTICE OF SALE $30,000,000 TOWN OF GREENWICH, CONNECTICUT GENERAL OBLIGATION BONDS, ISSUE OF 2021, SERIES A

Electronic bids (as described herein) will be received by the TOWN OF GREENWICH, CONNECTICUT (the “Town”), until 11:00 A.M. (E.T.) Tuesday,

JANUARY 5, 2021

(the “Sale Date”) for the purchase of all, but not less than all, of the $30,000,000 Town of Greenwich, Connecticut General Obli- gation Bonds, Issue of 2021, Series A (the “Bonds”). Electronic bids must be submitted via PARITY®. (See “Electronic Bidding Procedures”).

The Town reserves the right to make changes to the provisions of this Notice of Sale, including the date and time of the sale, prior to the date and time of sale set forth above. Any such changes will be posted through PARITY®. Prospective bidders are advised to check for such PARITY® postings prior to the above stated sale time.

The Bonds

The Bonds will be dated January 14, 2021, mature in the principal amounts of $6,000,000 on January 15 in each of the years 2022 to 2026, both inclusive, bear interest payable on July 15, 2021 and semiannually thereafter on January 15 and July 15 in each year until maturity, as further described in the Preliminary Official Statement for the Bonds dated December 23, 2020 (the “Preliminary Official Statement”).

The Bonds are not subject to redemption prior to maturity.

Nature of Obligation

The full faith and credit of the Town will be pledged for the prompt payment of the principal of and interest on the Bonds when due. The Bonds will be general obligations of the Town payable, unless paid from other sources, from ad valorem taxes which may be levied on all taxable property subject to taxation by the Town without limitation as to rate or amount except as to classified property such as certified forest lands taxable at a limited rate and dwelling houses of qualified elderly persons of low income or of qualified disabled persons taxable at limited amounts.

Bank Qualification

The Bonds shall NOT be designated by the Town as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended (the “Code”), for purposes of the deduction by financial institutions for interest expense allocable to the Bonds.

Registration

The Bonds will be issued by means of a book-entry system with no physical distribution of bond certificates made to the public. The Bonds will be issued in registered form and one bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York (“DTC”), registered in the name of its nominee, Cede & Co., and immobilized in their custody. A book-entry system will be employed, evidencing ownership of the Bonds in principal amounts of $5,000 and integral multiples thereof, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures adopted by DTC and its participants. The winning bidder, as a condition to delivery of the Bonds, will be required to deposit the bond certificates with DTC, or its custodian, registered in the name of Cede & Co. Principal of and interest on the Bonds will be payable by the Town or its agent in Federal funds to DTC or its nominee as registered owner of the Bonds. Principal and interest payments to participants of DTC will be the responsibility of DTC. Principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.

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Electronic Bidding Procedures

Any prospective bidder intending to submit an electronic bid must submit its electronic bid through the facilities of PARITY®. Subscription to i-Deal LLC’s BiDCOMP Competitive Bidding System is required in order to submit an electronic bid and the Town will neither confirm any subscription nor be responsible for the failure of any prospective bidder to subscribe.

An electronic bid made through the facilities of PARITY® shall be deemed an irrevocable offer to purchase the Bonds on the terms provided in this Notice of Sale and shall be binding upon the bidder as if made by a signed, sealed bid delivered to the Town. The Town shall not be responsible for any malfunction or mistake made by, or as a result of the use of the facilities of, PARITY®, the use of such facilities being the sole risk of the prospective bidder.

All electronic bids shall be deemed to incorporate the provisions of this Notice of Sale. If any provisions of this Notice of Sale shall conflict with information provided by PARITY® as the approved provider of electronic bidding services, this Notice of Sale shall control. Further information about PARITY®, including any fee charged, may be obtained from PARITY®, 1359 Broadway, 2nd Floor, New York, New York 10018, Attention: Customer Service Department (telephone: (212) 849-5021 - email notice: [email protected]).

Bid Specifications/Basis of Award

Each bid must be for the entire $30,000,000 of Bonds and must specify the rate or rates of interest therefor in a multiple of 1/20 or 1/8 of 1% per annum. Bids shall not state more than one interest rate for any Bonds having the same maturity date. The highest interest rate bid for a maturity and the lowest rate bid for any other maturity may not differ by more than three (3%) percentage points. Interest shall be computed on the basis of twelve 30-day months and a 360-day year. No bid for less than all of the Bonds or for less than par and accrued interest, if any, will be considered.

For purposes of the electronic bidding process, the time as maintained by PARITY® shall constitute the official time. For information purposes only, bidders are requested to state in their bids the true interest cost to the Town, computed and rounded to six decimal places.

For the purpose of determining the successful bidder, the true interest cost to the Town will be the annual interest rate, compounded semiannually, which, when used to discount all payments of principal and interest payable on the Bonds to January 14, 2021, the date of the Bonds, results in an amount equal to the purchase price for the Bonds, not including interest accrued, if any, to January 14, 2021, the delivery date of the Bonds. It is requested that each bid be accompanied by a statement of the percentage of true interest cost computed and rounded to six decimal places. Such statement shall not be considered as a part of the bid. The Bonds will be awarded or all bids will be rejected promptly after the bid opening, but not later than 4:00 P.M. (E.T.) on the Sale Date. The purchase price must be paid in Federal funds.

The Town reserves the right to reject any and all bids and to waive any irregularity or informality with respect to any bid. The Town further reserves the right to postpone the sale to another time and date in its sole and absolute discretion for any reason, including, without limitation, internet difficulties. The Town will use its best efforts to notify prospective bidders in a timely manner of any need for a postponement. Unless all bids are rejected, or the bid is postponed, the Bonds will be awarded to the bidder offering to purchase them at the lowest true interest cost.

Closing Documents and Legal Opinion

The Bonds will be certified by U.S. Bank National Association, Hartford, Connecticut. The legality of the Bonds will be passed upon by Robinson & Cole LLP, Hartford, Connecticut (“Bond Counsel”), and the winning bidder will be furnished with their opinion without charge. The winning bidder will also be furnished with a signature and no litigation certificate, a receipt of payment satisfactory in form to Bond Counsel, a signed copy of the final Official Statement prepared for the Bonds, a certificate signed by the appropriate officials of the Town relating to the accuracy and completeness of information contained in the final Official Statement, and an executed Continuing Disclosure Agreement.

G-2 of the representations and statements of expectation contained in the Tax Regulatory Agreement entered into by the Town for the benefit of the owners of the Bonds, and further, will assume compliance by the Town with the covenants and procedures set forth in such Tax Regulatory Agreement. A copy of the opinion will be printed upon each of the Bonds, and a signed opinion and transcript of proceedings will be filed with U.S. Bank National Association, Hartford, Connecticut, and will be available for examination upon request.

Obligation to Deliver Issue Price Certificate

Pursuant to the Code and applicable Treasury Regulations, the Town must establish the “issue price” of the Bonds. In order to assist the Town, the winning bidder is obligated to deliver to the Town a certificate (an “Issue Price Certificate”) and such additional information satisfactory to Bond Counsel described below, prior to the delivery of the Bonds. The Town will rely on the Issue Price Certificate and such additional information in determining the issue price of the Bonds. The form of Issue Price Certificate is available by contacting William N. Lindsay, Managing Director, Hilltop Securities Inc., Email: [email protected], Telephone: (860) 290-3002, municipal advisor to the Town (the “Municipal Advisor”).

By submitting a bid, each bidder is certifying that (i) it is an underwriter of municipal bonds which has an established industry reputation for underwriting new issuances of municipal bonds, (ii) its bid is a firm offer to purchase the Bonds, (iii) its bid is a good faith offer which the bidder believes reflects current market conditions, and (iv) its bid is not a “courtesy bid” being submitted for the purpose of assisting in meeting the competitive sale rule relating to the establishment of the issue price of the Bonds pursuant to Section 148 of the Code, including the requirement that bids be received from at least three (3) underwriters of municipal bonds who have established industry reputations for underwriting new issuances of municipal bonds (the “Competitive Sale Rule”).

The Municipal Advisor will advise the winning bidder if the Competitive Sale Rule was met at the same time it notifies the winning bidder of the award of the Bonds. Bids will not be subject to cancellation in the event that the Competitive Sale Rule is not satisfied.

Competitive Sale Rule Met. If the Municipal Advisor advises the winning bidder that the Competitive Sale Rule has been met, the winning bidder shall, within one (1) hour after being notified of the award of the Bonds, advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected initial offering price to the public of each maturity of the Bonds as of the Sale Date.

Competitive Sale Rule Not Met. By submitting a bid, the winning bidder agrees (unless the winning bidder is purchasing the Bonds for its own account and not with a view to distribution or resale to the public) that if the Competitive Sale Rule is not met, it will satisfy either the 10% Sale Rule or the Hold the Offering Price Rule described below with respect to each maturity of the Bonds prior to the delivery date of the Bonds. The rule selected with respect to each maturity of the Bonds shall be set forth on an Issue Price Rule Selection Certificate, the form of which is attached hereto, which shall be sent to the winning bidder promptly after the award of the Bonds. The winning bidder shall complete and execute the Issue Price Rule Selection Certificate and email it to Bond Counsel and the Municipal Advisor by 5:00 P.M. on the day after the Sale Date. If the Issue Price Rule Selection Certificate is not returned by this deadline, or if no selection is made with respect to a maturity, the winning bidder agrees that the Hold the Offering Price Rule shall apply to such maturities.

10% Sale Rule. To satisfy the 10% Sale Rule for any maturity of the Bonds, the winning bidder:

(i) will make a bona fide offering to the public of all of the Bonds at the initial offering prices and provide the Town with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel;

(ii) will report to the Town information regarding the actual prices at which at least 10 percent (10%) of the Bonds of each maturity have been sold to the public;

(iii) will provide the Town with reasonable supporting documentation or certifications of such sale prices, the form of which is acceptable to Bond Counsel. If the 10% Sale Rule is used with respect to a maturity of the Bonds, this reporting requirement will continue, beyond the closing date of the Bonds, if necessary, until such date that at least 10 percent (10%) of such maturity of the Bonds has been sold to the public; and

(iv) has or will include in any agreement among underwriters, selling group agreement or third party distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the reporting requirement described above.

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Hold the Offering Price Rule. To satisfy the Hold the Offering Price Rule for any maturity of the Bonds, the winning bidder:

(i) will make a bona fide offering to the public of all of the Bonds at the initial offering prices and provide Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel;

(ii) will neither offer nor sell to any person any Bonds of such maturity at a price that is higher than the initial offering price of such maturity until the earlier of (i) the date on which the winning bidder has sold to the public at least ten percent (10%) of the Bonds of such maturity at a price that is no higher than the initial offering price of such maturity or (ii) the close of business on the fifth (5th) business day after the Sale Date of the Bonds; and

(iii) has or will include within any agreement among underwriters, selling group agreement or third party distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the limitations on the sale of the Bonds as set forth above.

For purposes of the 10% Sale Rule or the Hold the Offering Price Rule, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms.

If the winning bidder has purchased any maturity of the Bonds for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Rule was met, the Issue Price Certificate will recite such facts and identify the price or prices at which such maturity of the Bonds was purchased.

For purposes of this Notice of Sale, the “public” does not include the winning bidder or any person that agrees pursuant to a written contract with the winning bidder to participate in the initial sale of the Bonds to the public (such as a third party distribution agreement between a national lead underwriter and a regional firm under which the regional firm participates in the initial sale of the Bonds to the public). In making the representations described above, the winning bidder must reflect the effect on the offering prices of any “derivative products” (e.g., a tender option) used by the bidder in connection with the initial sale of any of the Bonds.

Settlement of the Bonds

The Bonds will be available for delivery on or about January 14, 2021. The deposit of the Bonds with DTC or its custodian under a book-entry system requires the assignment of CUSIP numbers prior to delivery. The Municipal Advisor shall obtain CUSIP numbers for the Bonds prior to delivery, and the Town will not be responsible for any delay occasioned by the failure of the winning bidder to obtain such numbers and to supply them to the Town in a timely manner. The Town assumes no responsibility for any CUSIP Service Bureau charge or other charge that may be imposed for the assignment of such numbers, which charges shall be the responsibility of and shall be paid for by the winning bidder.

The Preliminary Official Statement is in a form “deemed final” by the Town for purposes of SEC Rule 15c2-12(b)(1). The winning bidder will be furnished 25 copies of the final Official Statement prepared for the Bonds at the Town’s expense. Additional copies may be obtained by the winning bidder at its own expense by arrangement with the printer. The copies of the final Official Statement will be made available to the winning bidder no later than seven business days after the bid opening at the office of the Town’s Municipal Advisor. If the Municipal Advisor is provided with the necessary information from the winning bidder by 12:00 p.m. (noon) on the day after the bid opening, the copies of the final Official Statement will include an additional cover page and other pages, if necessary, indicating the interest rates, ratings, yields or reoffering prices, the name of the managing underwriter, and the name of the insurer, if any, of the Bonds.

Continuing Disclosure

The Town will undertake in a Continuing Disclosure Agreement entered into in accordance with the requirements of Rule 15c2-12(b)(5), promulgated by the Securities and Exchange Commission, to provide (i) certain annual financial information and operating data, including audited financial statements; (ii) notice of the occurrence of certain events within 10 business days of the occurrence of such events with respect to the Bonds; and (iii) timely notice of its failure to provide such annual financial information. The winning bidder’s obligation to purchase the Bonds shall be conditioned upon its receiving, at or prior to the delivery of the Bonds, an executed copy of the Continuing Disclosure Agreement for the Bonds.

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Related Information

For more information regarding the Bonds and the Town, reference is made to the Preliminary Official Statement. Copies of the Preliminary Official Statement and the Issue Price Certificate may be obtained from the undersigned, or from William N. Lindsay, Managing Director, Hilltop Securities Inc., Email: [email protected], Telephone: (860) 290-3002, municipal advisor to the Town.

PETER MYNARSKI, JR. Comptroller

December 23, 2020

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ISSUE PRICE RULE SELECTION CERTIFICATE

Town of Greenwich, Connecticut $30,000,000 General Obligation Bonds, Issue of 2021, Series A

The undersigned, on behalf of ______, [on behalf of itself and ______], hereby certifies that it will use the rule selected below for the respective maturity of the above-captioned bonds (the “Bonds”), as described in the Notice of Sale for the Bonds, dated December 23, 2020 (the “Notice of Sale”). For a description of the requirements of each rule, please refer to the section “Obligation to Deliver Issue Price Certificate” in the Notice of Sale. Capitalized terms used but not defined herein are defined in the Notice of Sale.

10% Sale Rule Hold the Offering Price Rule (Underwriter has or will (Underwriter will comply with comply with 10% Sale Price Hold the Offering Price Rule Rule for this Maturity) for this Maturity)

Date of Principal Interest Check Sales Check Initial Maturity Amount Rate Box Price Box Offering Price

01/15/2022 $6,000,000 0.000% $______$______01/15/2023 6,000,000 0.000 $______$______01/15/2024 6,000,000 0.000 $______$______01/15/2025 6,000,000 0.000 $______$______01/15/2026 6,000,000 0.000 $______$______

(All Sales Prices or Initial Offering Prices must be completed prior to the delivery date of the Bonds.)

[NAME OF UNDER/REP]

By: ______Name: Title:

Email this completed and executed certificate to the following by 5:00 P.M. on January 6, 2021: Bond Counsel: [email protected] Municipal Advisor: [email protected]

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APPENDIX H – NOTICE OF SALE – THE SERIES B BONDS

NOTICE OF SALE $10,235,000* TOWN OF GREENWICH, CONNECTICUT GENERAL OBLIGATION REFUNDING BONDS, ISSUE OF 2021, SERIES B

Electronic bids (as described herein) will be received by the TOWN OF GREENWICH, CONNECTICUT (the “Town”), until 11:30 A.M. (E.T.) Tuesday,

JANUARY 5, 2021

(the “Sale Date”) for the purchase of all, but not less than all, of the $10,235,000* Town of Greenwich, Connecticut General Obligation Refunding Bonds, Issue of 2021, Series B (the “Bonds”). Electronic bids must be submitted via PARITY®. (See “Electronic Bidding Procedures”).

The Bonds

The Bonds will be dated January 14, 2021, mature in the principal amounts of $1,570,000* on June 1 in the year 2021, $1,940,000* on June 1 in the year 2022, $2,010,000* on June 1 in the year 2023, $255,000* on June 1 in the year 2024, $260,000* on June 1 in the years 2025 to 2026, both inclusive, $510,000* on June 1 in the year 2027, $520,000* on June 1 in the year 2028, $530,000* on June 1 in the year 2029, $545,000* on June 1 in the year 2030, $310,000* on June 1 in the year 2031, $560,000* on June 1 in the year 2032, $320,000* in each of the years 2033 to 2034, both inclusive, and $325,000* on June 1 in the year 2035, bear interest payable on June 1, 2021 and semiannually thereafter on December 1 and June 1 in each year until maturity or earlier redemption, as further described in the Preliminary Official Statement for the Bonds dated December 23, 2020 (the “Preliminary Official Statement”).

The Bonds maturing on or before June 1, 2029* are not subject to redemption prior to maturity. The Bonds maturing on June 1, 2030* and thereafter are subject to redemption prior to maturity, at the election of the Town, on and after June 1, 2029*, at any time, in whole or in part and by lot within a maturity, in such amounts and in such order of maturity as the Town may determine, at the respective prices (expressed as a percentage of the principal amounts of Bonds to be redeemed) set forth in the following table, together with interest accrued and unpaid to the redemption date:

Redemption Date Redemption Price June 1, 2029* and thereafter 100%

Nature of Obligation

Bank Qualification

______*Preliminary, subject to change.

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Registration

The Bonds will be issued by means of a book-entry system with no physical distribution of bond certificates made to the public. The Bonds will be issued in registered form and one bond certificate for each maturity will be issued to The Depository Trust Company, New York, New York (“DTC”), registered in the name of its nominee, Cede & Co., and immobilized in their custody. A book-entry system will be employed, evidencing ownership of the Bonds in principal amounts of $5,000 and integral multiples thereof, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures adopted by DTC and its participants. The winning bidder, as a condition to delivery of the Bonds, will be required to deposit the bond certificates with DTC, or its custodian, registered in the name of Cede & Co. Principal of and interest on the Bonds will be payable by the Town or its agent in Federal funds to DTC or its nominee as registered owner of the Bonds. Principal and interest payments to participants of DTC will be the responsibility of DTC. Principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.

Electronic Bidding Procedures

An electronic bid made through the facilities of PARITY® shall be deemed an irrevocable offer to purchase the Bonds on the terms provided in this Notice of Sale, and shall be binding upon the bidder as if made by a signed, sealed bid delivered to the Town. The Town shall not be responsible for any malfunction or mistake made by, or as a result of the use of the facilities of, PARITY®, the use of such facilities being the sole risk of the prospective bidder.

Bid Specifications/Basis of Award

Each bid must be for the entire $10,235,000* of Bonds and must specify the rate or rates of interest therefor in a multiple of 1/20 or 1/8 of 1% per annum. Bids shall not state more than one interest rate for any Bonds having the same maturity date. The highest interest rate bid for a maturity and the lowest rate bid for any other maturity may not differ by more than three (3%) percentage points. Interest shall be computed on the basis of twelve 30-day months and a 360-day year. No bid for less than all of the Bonds or for less than par and accrued interest, if any, will be considered.

The Town reserves the right to reject any and all bids and to waive any irregularity or informality with respect to any bid. The Town further reserves the right to postpone the sale to another time and date in its sole and absolute discretion for any reason, including, without limitation, internet difficulties. The Town will use its best efforts to notify prospective bidders in a timely manner of any need for a postponement. Unless all bids are rejected or the bid is postponed, the Bonds will be awarded to the bidder offering to purchase them at the lowest true interest cost.

______*Preliminary, subject to change.

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Adjustment of Principal Amount and Maturity Schedule for the Bonds

Hilltop Securities, municipal advisor to the Town, reserves the right to adjust the principal amount of each maturity of the Bonds and the aggregate principal amount of the Bonds after the determination of the winning bidder. The final aggregate principal amount of the Bonds shall not increase or decrease by more than 15%. All calculations will be rounded to the nearest $5,000. The Town anticipates that the final maturity schedule will be communicated to the successful bidder within three (3) hours of the Town’s receipt of the reoffering prices and yields for the Bonds from the successful bidder. The dollar amount bid by the bidder will be adjusted to reflect any adjustments in the final maturity schedule and the aggregate principal amount of the Bonds to be issued. The adjusted bid price will reflect changes in the dollar amount of the underwriter’s discount and original issue discount/premium, if any, but will not change the per bond underwriter’s discount as calculated from the bid and the initial reoffering prices required to be delivered to the Town as stated herein. The successful bidder may not withdraw its bid or change the interest rates bid or initial reoffering prices for any Bonds as a result of any changes made to the principal amounts within these limits.

Closing Documents and Legal Opinion

The legal opinion will further state that (i) under existing statutes and court decisions, interest on the Bonds is excluded from gross income for federal income tax purposes, (ii) such interest is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax, (iii) under existing statutes, interest on the Bonds is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and (iv) such interest is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay federal alternative minimum tax. In rendering its legal opinion, Bond Counsel will rely upon and assume the material accuracy of the representations and statements of expectation contained in the Tax Regulatory Agreement entered into by the Town for the benefit of the owners of the Bonds, and further, will assume compliance by the Town with the covenants and procedures set forth in such Tax Regulatory Agreement. A copy of the opinion will be printed upon each of the Bonds, and a signed opinion and transcript of proceedings will be filed with U.S. Bank National Association, Hartford, Connecticut, and will be available for examination upon request.

Obligation to Deliver Issue Price Certificate

Pursuant to the Code and applicable Treasury Regulations, the Town must establish the “issue price” of the Bonds. In order to assist the Town, the winning bidder is obligated to deliver to the Town a certificate (an “Issue Price Certificate”) and such additional information satisfactory to Bond Counsel described below, prior to the delivery of the Bonds. The Town will rely on the Issue Price Certificate and such additional information in determining the issue price of the Bonds. The form of Issue Price Certificate is available by contacting William N. Lindsay, Managing Director, Hilltop Securities, Inc., Email: [email protected], Telephone: (860) 290-3002, municipal advisor to the Town (the “Municipal Advisor”).

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10% Sale Rule. To satisfy the 10% Sale Rule for any maturity of the Bonds, the winning bidder:

(ii) will report to the Town information regarding the actual prices at which at least 10 percent (10%) of the Bonds of each maturity have been sold to the public;

(iv) has or will include in any agreement among underwriters, selling group agreement or third-party distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the reporting requirement described above.

Hold the Offering Price Rule. To satisfy the Hold the Offering Price Rule for any maturity of the Bonds, the winning bidder:

(iii) has or will include within any agreement among underwriters, selling group agreement or third-party distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Bonds to the public, together with the related pricing wires, language obligating each underwriter to comply with the limitations on the sale of the Bonds as set forth above.

For purposes of the 10% Sale Rule or the Hold the Offering Price Rule, a “maturity” refers to Bonds that have the same interest rate, credit and payment terms.

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Settlement of the Bonds

Continuing Disclosure

Related Information

For more information regarding the Bonds and the Town, reference is made to the Preliminary Official Statement. Copies of the Preliminary Official Statement and the Issue Price Certificate may be obtained from the undersigned, or from William N. Lindsay, Managing Director, Hilltop Securities, Inc., Email: [email protected], Telephone: (860) 290-3002, municipal advisor to the Town.

PETER MYNARSKI, JR. Comptroller

December 23, 2020

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ISSUE PRICE RULE SELECTION CERTIFICATE

Town of Greenwich, Connecticut $10,235,000* General Obligation Refunding Bonds, Issue of 2021

10% Sale Rule Hold the Offering Price Rule (Underwriter has or will (Underwriter will comply with comply with 10% Sale Price Hold the Offering Price Rule Rule for this Maturity) for this Maturity)

Date of Principal Interest Check Sales Check Initial Maturity Amount* Rate Box Price Box Offering Price

06/1/2021 $ 1,570,000 _____% $______$______06/1/2022 1,940,000 _____ $______$______06/1/2023 2,010,000 _____ $______$______06/1/2024 255,000 _____ $______$______06/1/2025 260,000 _____ $______$______06/1/2026 260,000 _____ $______$______06/1/2027 510,000 _____ $______$______06/1/2028 520,000 _____ $______$______06/1/2029 530,000 _____ $______$______06/1/2030 545,000 _____ $______$______06/1/2031 310,000 _____ $______$______06/1/2032 560,000 _____ $______$______06/1/2033 320,000 _____ $______$______06/1/2034 320,000 _____ $______$______06/1/2035 325,000 _____ $______$______

(All Sales Prices or Initial Offering Prices must be completed prior to the delivery date of the Bonds.)

[NAME OF UNDER/REP]

By: ______Name: Title:

Email this completed and executed certificate to the following by 5:00 P.M. on January 6, 2021: Bond Counsel: [email protected] Municipal Advisor: [email protected]

______*Preliminary, subject to change.

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APPENDIX I – NOTICE OF SALE - THE NOTES

NOTICE OF SALE $55,000,000 TOWN OF GREENWICH, CONNECTICUT GENERAL OBLIGATION BOND ANTICIPATION NOTES, ISSUE OF 2021

Electronic bids (as described herein) will be received by the TOWN OF GREENWICH, CONNECTICUT (the “Town”), until 12:00 P.M. (E.T.) Tuesday,

JANUARY 5, 2021

(the “Sale Date”) for the purchase of all or a portion of the $55,000,000 Town of Greenwich, Connecticut General Obligation Bond Anticipation Notes, Issue of 2021 (the “Notes”). Electronic bids must be submitted via PARITY®. (See “Electronic Bidding Procedures”).

The Notes

The Notes will be dated January 14, 2021 and will be payable to the registered owner on January 13, 2022, as further described in the Preliminary Official Statement for the Notes dated December 23, 2020 (the “Preliminary Official Statement”). The Notes will bear interest (which interest shall be computed on the basis of twelve 30-day months and a 360 day year) payable at maturity at the rate or rates per annum set forth in the bid or bids accepted for their purchase, which rates shall be multiples of 1/1000 of one percent (1%) per annum.

The Notes are not subject to redemption prior to maturity.

Nature of Obligation

The full faith and credit of the Town will be pledged for the prompt payment of the principal of and interest on the Notes when due. The Notes will be general obligations of the Town payable, unless paid from other sources, from ad valorem taxes which may be levied on all taxable property subject to taxation by the Town without limitation as to rate or amount except as to classified property such as certified forest lands taxable at a limited rate and dwelling houses of qualified elderly persons of low income or of qualified disabled persons taxable at limited amounts.

Bank Qualification

The Notes shall NOT be designated by the Town as qualified tax-exempt obligations under the provisions of Section 265(b) of the Internal Revenue Code of 1986, as amended (the “Code”), for purposes of the deduction by financial institutions for interest expense allocable to the Notes.

Registration

The Notes will be issued by means of a book-entry system with no physical distribution of note certificates made to the public. The Notes will be issued in registered form and one note certificate for each interest rate will be issued to The Depository Trust Company, New York, New York (“DTC”), registered in the name of its nominee, Cede & Co., and immobilized in their custody. A book-entry system will be employed, evidencing ownership of the Notes in principal amounts of $5,000 and integral multiples thereof, with transfers of ownership effected on the records of DTC and its participants pursuant to rules and procedures adopted by DTC and its participants. The winning bidders, as a condition to delivery of the Notes, will be required to deposit the note certificates with DTC, or its custodian, registered in the name of Cede & Co. Principal of and interest on the Notes will be payable by the Town or its agent in Federal funds to DTC or its nominee as registered owner of the Notes. Principal and interest payments to participants of DTC will be the responsibility of DTC. Principal and interest payments to beneficial owners by participants of DTC will be the responsibility of such participants and other nominees of beneficial owners. The Town will not be responsible or liable for payments by DTC to its participants or by DTC participants to beneficial owners or for maintaining, supervising or reviewing the records maintained by DTC, its participants or persons acting through such participants.

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Electronic Bidding Procedures

An electronic bid made through the facilities of PARITY® shall be deemed an irrevocable offer to purchase the Notes on the terms provided in this Notice of Sale and shall be binding upon the bidder as if made by a signed, sealed bid delivered to the Town. The Town shall not be responsible for any malfunction or mistake made by, or as a result of the use of the facilities of, PARITY®, the use of such facilities being the sole risk of the prospective bidder.

Bid Specifications/Basis of Award

A proposal may be for all or any part of the Notes but any proposal for a part must be for not less than $100,000, or a whole multiple thereof, and a separate proposal will be required for each part of the Notes for which a separate interest rate is bid. As between proposals resulting in the same lowest net interest cost (rounded to six decimal places) to the Town, the award will be made on the basis of the highest principal amount of the Notes specified. No bid for less than par and accrued interest, if any, will be considered and the Town reserves the right to award to any bidder all or any part of the Notes bid for in its proposal. If a bidder is awarded only a part of the Notes bid for in its proposal, any premium offered in such proposal will be proportionately reduced so that the resulting net interest cost to the Town with respect to the Notes awarded is the same as that contained in the bidder’s proposal with respect to the entire amount bid, rounded to six decimal places. The Notes will be awarded or all bids will be rejected promptly after the bid opening, but not later than 4:00 P.M. (E.T.) on January 5, 2021. The purchase price must be paid in Federal funds.

For purposes of the electronic bidding process, the time as maintained by PARITY® shall constitute the official time. For information purposes only, bidders are requested to state in their bids the net interest cost to the Town, computed and rounded to six decimal places.

The Town reserves the right to reject any and all bids and to waive any irregularity or informality with respect to any bid. The Town further reserves the right to postpone the sale to another time and date in its sole and absolute discretion for any reason, including, without limitation, internet difficulties. The Town will use its best efforts to notify prospective bidders in a timely manner of any need for a postponement. Unless all bids are rejected, or the bid is postponed, the Notes will be awarded to the bidder or bidders offering to purchase the Notes or a portion thereof at the lowest net interest cost computed as to each interest rate stated by adding the total interest which will be paid at such rate and deducting therefrom the premium offered, if any.

Closing Documents and Legal Opinion

The Notes will be certified by U.S. Bank National Association, Hartford, Connecticut. The legality of the Notes will be passed upon by Robinson & Cole LLP, Hartford, Connecticut (“Bond Counsel”), and the winning bidders will be furnished with their opinion without charge. Each winning bidder will also be furnished with a signature and no litigation certificate, a receipt of payment satisfactory in form to Bond Counsel, a signed copy of the final Official Statement prepared for the Notes, a certificate signed by the appropriate officials of the Town relating to the accuracy and completeness of information contained in the final Official Statement, and an executed Continuing Disclosure Agreement.

The legal opinion will further state that (i) under existing statutes and court decisions, interest on the Notes is excluded from gross income for federal income tax purposes, (ii) such interest is not treated as an item of tax preference for purposes of computing the federal alternative minimum tax, (iii) under existing statutes, interest on the Notes is excluded from Connecticut taxable income for purposes of the Connecticut income tax on individuals, trusts and estates, and (iv) such interest is excluded from amounts on which the net Connecticut minimum tax is based in the case of individuals, trusts and estates required to pay federal alternative minimum tax. In rendering its legal opinion, Bond Counsel will rely upon and assume the material accuracy of the representations and statements of expectation contained in the Tax Regulatory Agreement entered into by the Town for the benefit of the owners of the Notes, and further, will assume compliance by the

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Town with the covenants and procedures set forth in such Tax Regulatory Agreement. A signed opinion and transcript of proceedings will be filed with U.S. Bank National Association, Hartford, Connecticut, and will be available for examination upon request.

Obligation to Deliver Issue Price Certificate

Pursuant to the Code and applicable Treasury Regulations, the Town must establish the “issue price” of the Notes. In order to assist the Town, each winning bidder is obligated to deliver to the Town a certificate (an “Issue Price Certificate”) and such additional information satisfactory to Bond Counsel described below, prior to the delivery of the Notes. The Town will rely on the Issue Price Certificate and such additional information in determining the issue price of the Notes. The form of Issue Price Certificate is available by contacting William N. Lindsay, Managing Director, Hilltop Securities Inc., Email: [email protected], Telephone: (860) 290-3002, municipal advisor to the Town (the “Municipal Advisor”).

By submitting a bid, each bidder is certifying that (i) it is an underwriter of municipal notes which has an established industry reputation for underwriting new issuances of municipal notes, (ii) its bid is a firm offer to purchase the Notes, (iii) its bid is a good faith offer which the bidder believes reflects current market conditions, and (iv) its bid is not a “courtesy bid” being submitted for the purpose of assisting in meeting the competitive sale rule relating to the establishment of the issue price of the Notes pursuant to Section 148 of the Code, including the requirement that bids be received on all of the Notes from at least three (3) underwriters of municipal notes who have established industry reputations for underwriting new issuances of municipal notes (the “Competitive Sale Rule”).

The Municipal Advisor will advise the winning bidders if the Competitive Sale Rule was met at the same time it notifies the winning bidders of the award of the Notes. Bids will not be subject to cancellation in the event that the Competitive Sale Rule is not satisfied.

Competitive Sale Rule Met. If the Municipal Advisor advises the winning bidders that the Competitive Sale Rule has been met, the winning bidders shall, within one (1) hour after being notified of the award of the Notes, advise the Municipal Advisor by electronic or facsimile transmission of the reasonably expected initial offering price to the public of the Notes as of the Sale Date.

Competitive Sale Rule Not Met. By submitting a bid, the winning bidders agree (unless the winning bidder is purchasing the Notes for its own account and not with a view to distribution or resale to the public) that if the Competitive Sale Rule is not met, it will satisfy either the 10% Sale Rule or the Hold the Offering Price Rule described below with respect to each maturity of the Notes prior to the delivery date of the Notes. The rule selected with respect to each maturity of the Notes shall be set forth on an Issue Price Rule Selection Certificate, the form of which is attached hereto, which shall be sent to the winning bidders promptly after the award of the Notes. The winning bidders shall complete and execute the Issue Price Rule Selection Certificate and email it to Bond Counsel and the Municipal Advisor by 5:00 P.M. on the day after the Sale Date. If the Issue Price Rule Selection Certificate is not returned by this deadline, or if no selection is made, the winning bidders agree that the Hold the Offering Price Rule shall apply to such Notes.

10% Sale Rule. To satisfy the 10% Sale Rule for any maturity of the Notes, the winning bidders:

(i) will make a bona fide offering to the public of all of the Notes at the initial offering prices and provide the Town with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel;

(ii) will report to the Town information regarding the actual prices at which at least 10 percent (10%) of the Notes (or each maturity thereof, if applicable) have been sold to the public;

(iii) will provide the Town with reasonable supporting documentation or certifications of such sale prices, the form of which is acceptable to Bond Counsel. If the 10% Sale Rule is used with respect to a maturity of the Notes, this reporting requirement will continue, beyond the closing date of the Notes, if necessary, until such date that at least 10 percent (10%) of such maturity of the Notes has been sold to the public; and

(iv) has or will include in any agreement among underwriters, selling group agreement or third party distribution agreement (to which the winning bidder is a party) relating to the initial sale of the Notes to the public, together with the related pricing wires, language obligating each underwriter to comply with the reporting requirement described above.

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Hold the Offering Price Rule. To satisfy the Hold the Offering Price Rule for any maturity of the Notes, the winning bidders:

(i) will make a bona fide offering to the public of all of the Notes at the initial offering price(s) and provide Bond Counsel with reasonable supporting documentation, such as a copy of the pricing wire or equivalent communication, the form of which is acceptable to Bond Counsel;

(ii) will neither offer nor sell to any person any Notes at a price that is higher than the initial offering price of such Notes until the earlier of (i) the date on which the winning bidder has sold to the public at least ten percent (10%) of such maturity of the Notes at a price that is no higher than the initial offering price of such maturity of the Notes or (ii) the close of business on the fifth (5th) business day after the Sale Date of the Notes; and

(iii) has or will include within any agreement among underwriters, selling group agreement or third party distribution agreement (to which each winning bidder is a party) relating to the initial sale of the Notes to the public, together with the related pricing wires, language obligating each underwriter to comply with the limitations on the sale of the Notes as set forth above.

For purposes of the 10% Sale Rule or the Hold the Offering Price Rule, a “maturity” refers to Notes that have the same interest rate, credit and payment terms.

If a winning bidder has purchased any maturity of the Notes for its own account and not with a view to distribution or resale to the public, then, whether or not the Competitive Sale Rule was met, the Issue Price Certificate will recite such facts and identify the price or prices at which such maturity of the Notes was purchased.

For purposes of this Notice of Sale, the “public” does not include the winning bidders or any person that agrees pursuant to a written contract with the winning bidders to participate in the initial sale of the Notes to the public (such as a third party distribution agreement between a national lead underwriter and a regional firm under which the regional firm participates in the initial sale of the Notes to the public). In making the representations described above, the winning bidders must reflect the effect on the offering prices of any “derivative products” (e.g., a tender option) used by the winning bidder in connection with the initial sale of any of the Notes.

Settlement of the Notes

The Notes will be available for delivery on or about January 14, 2021. The deposit of the Notes with DTC or its custodian under a book-entry system requires the assignment of CUSIP numbers prior to delivery. The Municipal Advisor shall obtain CUSIP numbers for the Notes prior to delivery, and the Town will not be responsible for any delay occasioned by the failure of the winning bidders to obtain such numbers and to supply them to the Town in a timely manner. The Town assumes no responsibility for any CUSIP Service Bureau charge or other charge that may be imposed for the assignment of such numbers, which charges shall be the responsibility of and shall be paid for by the winning bidder(s).

The Preliminary Official Statement is in a form “deemed final” by the Town for purposes of SEC Rule 15c2-12(b)(1). The winning bidders will be furnished 25 copies of the final Official Statement prepared for the Notes at the Town’s expense. Additional copies may be obtained by the winning bidders at their own expense by arrangement with the printer. The copies of the final Official Statement will be made available to the winning bidders no later than seven business days after the bid opening at the office of the Town’s Municipal Advisor. If the Municipal Advisor is provided with the necessary information from the winning bidders by 12:00 p.m. (noon) on the day after the bid opening, the copies of the final Official Statement will include an additional cover page and other pages, if necessary, indicating the interest rates, ratings, yields or reoffering prices, and the names of the winning bidders of the Notes.

Continuing Disclosure

The Town will undertake in a Continuing Disclosure Agreement entered into in accordance with the requirements of Rule 15c2-12(b)(5), promulgated by the Securities and Exchange Commission, to provide notice of the occurrence of certain events within 10 business days of the occurrence of such events with respect to the Notes. Each winning bidder’s obligation to purchase the Notes shall be conditioned upon its receiving, at or prior to the delivery of the Notes, an executed copy of the Continuing Disclosure Agreement for the Notes.

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Related Information

For more information regarding the Notes and the Town, reference is made to the Preliminary Official Statement. Copies of the Preliminary Official Statement and the Issue Price Certificate may be obtained from the undersigned, or from William N. Lindsay, Managing Director, Hilltop Securities Inc., Email: [email protected], Telephone: (860) 290-3002, municipal advisor to the Town.

PETER MYNARSKI, JR. Comptroller

December 23, 2020

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ISSUE PRICE RULE SELECTION CERTIFICATE

Town of Greenwich, Connecticut $55,000,000 General Obligation Bond Anticipation Notes, Issue of 2021

The undersigned, on behalf of ______, [on behalf of itself and ______], hereby certifies that it will use the rule selected below for the respective maturity of the above-captioned notes (the “Notes”), as described in the Notice of Sale for the Notes, dated December 23, 2020 (the “Notice of Sale”). For a description of the requirements of each rule, please refer to the section “Obligation to Deliver Issue Price Certificate” in the Notice of Sale. Capitalized terms used but not defined herein are defined in the Notice of Sale.

10% Sale Rule Hold the Offering Price Rule (Underwriter has or will (Underwriter will comply with comply with 10% Sale Price Hold the Offering Price Rule Rule for this Maturity) for this Maturity)

Date of Principal Interest Check Sales Check Initial Maturity Amount Rate Box Price Box Offering Price

01/13/2022 $55,000,000 0.000 $______$______

(All Sales Prices or Initial Offering Prices must be completed prior to the delivery date of the Notes.)

[NAME OF UNDER/REP]

By: ______Name: Title:

Email this completed and executed certificate to the following by 5:00 P.M. on January 6, 2021: Bond Counsel: [email protected] Municipal Advisor: [email protected]

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TOWN OF GREENWICH, CONNECTICUT • GENERAL OBLIGATION BONDS, ISSUE OF 2021 SERIES A, REFUNDING BONDS, ISSUE OF 2021 SERIES B and BOND ANTICIPATION NOTES, ISSUE OF 2021